Could Scotts Miracle-Gro Be a Millionaire Maker Stock?
Having risen 42% so far this year and 70% over the last 12 months, Scotts Miracle-Gro (NYSE: SMG) is arguably already a millionaire-maker stock. The question is: Can it do it again? The lawn and garden care products supplier is one of the few companies that appears to have received some sales benefit from the COVID-19 pandemic, and there's reason to believe its sales momentum can continue afterwards. Does it all add up to make the stock a buy now? Let's take a closer look.
As Scotts' senior vice president Chris Hagedorn put it on the earnings call, some things people were "going to do when quarantine hit the whole country is they're going to sit at home and smoke pot and garden." That might not be great news for the rest of the economy, but it's pretty good for the company's lawn and indoor gardening products.
The gardening part comes from its U.S. consumer segment (lawn and gardens) while the cannabis connection comes from Hawthorne, its hydroponic & indoor garden business.
Source Fool.com
