Here's Why Scotts Miracle-Gro (SMG) is a Strong Momentum Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
Scotts Miracle-Gro (SMG)
Based in Marysville, OH, The Scotts Miracle-Gro Company is a leading producer and marketer of branded garden and consumer lawn products. The company makes, markets and sells garden and lawn products in various categories including Lawn Care, Gardening and Landscape, Hydroponics, Controls and Marketing Agreement.
SMG sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of A. The stock is up 6.8% and up 22.9% over the past one-week and four-week period, respectively, and Scotts Miracle-Gro has gained 83.9% in the last one-year period as well. Additionally, an average of 752,713.13 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.01 to $2.62 per share. SMG boasts an average earnings surprise of 11.3%.
SMG should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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The Scotts Miracle-Gro Company (SMG) : Free Stock Analysis Report