Scotts Miracle-Gro Co (SMG) will raise its quarterly dividend by 3.8 percent to $0.55 per share in 2018. Last year the quarterly dividend was raised by 3 cents to 53 cents per share.

SMG has raised its dividend every year since 2010 with an average annual dividend growth of 10.3% between 2012 and 2017. Last year the law and garden care company hiked its dividend by 6 percent.

The fourth quarter dividend is payable on Monday, September 10, 2018 to shareholders of record as of Monday, August 27, 2018. The new annual dividend of $2.20 per share yields 2.1% at a stock price of $78.41.

The Scotts Miracle-Gro Company is a manufacturer of consumer products for lawn and garden care. Its products include lawn fertilizers, pest control products and gardening and landscape products. The Company also maintains a minority interest in TruGreen, a residential lawn care service business, and in Bonnie Plants, a marketer of edible gardening plants in retail channels. The Company's wholly-owned subsidiary, the Hawthorne Gardening Company is a provider of nutrients, lighting and other materials used in the hydroponic growing industry.