Scotts Miracle-Gro Announces New $500 Mln Share Repurchase Authorization

(RTTNews) - Scotts Miracle-Gro Co. (SMG) said Monday that its Board of Directors has approved a special one-time cash dividend of $2 per share on the company's common shares, payable on September 17 to shareholders of record as of September 3.

The company also said its board has approved a new share repurchase authorization, which will expire by the end of fiscal 2019, to repurchase up to $500 million of the company's common shares. This replaces the existing authorization, which will expire on September 30.

Additionally, Scotts Miracle-Gro said its board has approved a 3% increase in the company's recurring quarterly dividend to $0.45 per share. The fourth quarter dividend of $0.45 per share is payable on September 10 to shareholders of record as of August 27.