Newell Rubbermaid Upgraded to “Overweight” at Morgan Stanley (NWL)
Newell Rubbermaid (NYSE:NWL) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $34.00 target price on the stock. Morgan Stanley’s price objective indicates a potential upside of 17.28% from the stock’s previous close. The analysts noted that the move was a valuation call.
Newell Rubbermaid (NYSE:NWL) traded up 4.64% on Wednesday, hitting $30.335. The stock had a trading volume of 2,254,287 shares. Newell Rubbermaid has a 1-year low of $24.32 and a 1-year high of $32.54. The stock has a 50-day moving average of $29.4 and a 200-day moving average of $30.51. The company has a market cap of $8.394 billion and a price-to-earnings ratio of 17.80.
Newell Rubbermaid (NYSE:NWL) last announced its earnings results on Friday, May 2nd. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.32 by $0.03. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company posted $0.35 earnings per share. Newell Rubbermaid’s revenue was down .7% compared to the same quarter last year. On average, analysts predict that Newell Rubbermaid will post $1.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, May 28th. This is a positive change from Newell Rubbermaid’s previous quarterly dividend of $0.15.
In other Newell Rubbermaid news, COO William A. Burke III sold 36,429 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $29.21, for a total value of $1,064,091.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
NWL has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Newell Rubbermaid in a research note on Tuesday, May 20th. They now have a $31.00 price target on the stock. Separately, analysts at B. Riley cut their price target on shares of Newell Rubbermaid from $31.00 to $30.00 in a research note on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Newell Rubbermaid presently has a consensus rating of “Buy” and an average price target of $32.33.
Newell Rubbermaid Inc is a global marketer of consumer and commercial products. The Company’s products are marketed under a portfolio of brands, including Rubbermaid, Levolor, Goody, Calphalon, Sharpie, Paper Mate, Parker, Waterman, Irwin, Lenox, Graco, Aprica and Dymo.
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