Scotts Miracle-Gro Co (SMG) will raise its quarterly dividend by 5.5 percent to $0.58 per share in 2019. Last year the quarterly dividend was raised by 3.8 percent to 55 cents per share.

The next dividend is payable on Tuesday, September 10, 2019 to shareholders of record as of Tuesday, August 27, 2019. A new annual rate of $2.32 per share yields 2.1% at a stock price of $110.

“Our business continues to perform well and the increase in the dividend is an expression of our continued confidence,” said Jim Hagedorn, chairman and chief executive officer. “Whether by returning cash to shareholder or driving growth throughout our business, we remain focused on driving shareholder value.”

The Scotts Miracle-Gro Company (SMG) is a manufacturer and marketer of branded consumer lawn and garden products in North America. Its key consumer lawn and garden brands include Scotts and Turf Builder lawn and grass seed products; Miracle-Gro, Nature’s Care, Scotts, LiquaFeed and Osmocote1 gardening and landscape products; and Ortho, Roundup 2, Home Defense and Tomcat branded insect control,weed control and rodent control products. SMG is the exclusive agent of the Monsanto Company, a subsidiary of Bayer AG since June 2018, for the marketing and distribution of certain of Monsanto’s consumer Roundup branded products within the United States and certain other specified countries. Through its Hawthorne segment, SMG is a manufacturer, marketer and distributor of nutrients, growing media, advanced indoor garden, lighting and ventilation systems and accessories for hydroponic gardening with brands including General Hydroponics, Gavita, Agrolux and AeroGarden. The company's three reportable segments are: U.S. Consumer, Hawthorne and Other. Scotts Miracle-Gro traces its heritage to a company founded by O.M. Scott in Marysville, Ohio in 1868.