Why Scotts Miracle-Gro Stock Gained 14% in July
Lawn and garden product specialist Scotts Miracle-Gro (NYSE: SMG) beat the market last month by gaining 14% compared to a 1% uptick in the S&P 500, according to S&P Global Market Intelligence. The rally added to significant gains for shareholders, who are up over 70% so far in 2019.
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July's stock price bump came in the month's final few days as investors reacted to a surprisingly strong second-quarter earnings report. Scotts Miracle-Gro said on July 31 that sales gains cracked into the double-digits with help from booming demand in its hydroponic Hawthorne franchise. The company also reached a profit-sharing deal with Monsanto on the Roundup weed control brand.
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