Why This Pick-and-Shovel Cannabis Stock Says Its Shares Are Too Cheap
During the third-quarter earnings call for Scotts Miracle-Gro (NYSE:SMG), CEO Jim Hagedorn not-so-subtly gave his opinion on the stock's price, saying, "I'm a big fan of buying our shares at these prices." While it is not uncommon to hear CEOs say this about their companies, Hagedorn may not simply be talking up his company's stock in this case.
With most of a $750 million share-repurchase authorization available, the company is eyeing its shares at a discounted price. But should investors consider buying, too?
© 420 Intel