Zacks Investment Research Lowers Spectrum Brands Holdings Inc. (SPB) to Hold
Spectrum Brands Holdings Inc. (NYSE:SPB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Spectrum Brands, Inc. and its subsidiaries operate as a global branded consumer products company. The Company has three reportable segments: Global Batteries & Personal Care; Global Pet Supplies; and Home and Garden Business. Its operations include the manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products and hair care appliances. The Company also provides specialty pet supplies and also herbicides, insecticides and repellents. Its portfolio of brands are Rayovac(R), Remington(R), VARTA(R), Tetra(R), Marineland(R), Nature’s Miracle(R), Dingo(R), 8-in-1(R), Spectracide(R), Cutter(R), Repel(R), and HotShot(R) with manufacturing and product development facilities located in the U.S., Europe, Asia and Latin America. Spectrum Brands, Inc. is headquartered in Atlanta, Georgia. “
A number of other brokerages also recently issued reports on SPB. Monness Crespi & Hardt boosted their price target on Spectrum Brands Holdings from $138.00 to $151.00 and gave the company a “buy” rating in a report on Thursday, September 29th. Piper Jaffray Cos. assumed coverage on Spectrum Brands Holdings in a report on Thursday, September 1st. They set an “overweight” rating and a $147.00 price target on the stock. Jefferies Group restated a “buy” rating on shares of Spectrum Brands Holdings in a report on Thursday, August 25th. Finally, Deutsche Bank AG restated a “buy” rating and set a $140.00 price target (up previously from $125.00) on shares of Spectrum Brands Holdings in a report on Sunday, July 24th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $142.33.
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Shares of Spectrum Brands Holdings (NYSE:SPB) traded down 0.82% during mid-day trading on Tuesday, hitting $133.87. The company had a trading volume of 65,861 shares. The firm has a 50-day moving average price of $132.42 and a 200-day moving average price of $121.32. The firm has a market capitalization of $7.95 billion, a PE ratio of 27.20 and a beta of 0.65. Spectrum Brands Holdings has a 52 week low of $87.65 and a 52 week high of $138.95.
Spectrum Brands Holdings (NYSE:SPB) last announced its quarterly earnings results on Thursday, July 28th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Spectrum Brands Holdings had a return on equity of 17.79% and a net margin of 5.44%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the business earned $1.42 EPS. Spectrum Brands Holdings’s revenue was up 9.1% compared to the same quarter last year. Equities analysts forecast that Spectrum Brands Holdings will post $0.53 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Stockholders of record on Tuesday, August 16th were given a $0.38 dividend. The ex-dividend date was Friday, August 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.13%. Spectrum Brands Holdings’s dividend payout ratio is currently 32.69%.
In related news, insider David M. Maura purchased 2,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were purchased at an average cost of $127.47 per share, with a total value of $254,940.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Stacey L. Neu sold 800 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $128.04, for a total value of $102,432.00. Following the completion of the sale, the senior vice president now directly owns 3,850 shares in the company, valued at $492,954. The disclosure for this sale can be found here. 0.95% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Monarch Partners Asset Management LLC boosted its stake in shares of Spectrum Brands Holdings by 257.3% in the second quarter. Monarch Partners Asset Management LLC now owns 138,604 shares of the company’s stock worth $16,537,000 after buying an additional 99,815 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Spectrum Brands Holdings by 13.6% in the second quarter. Teacher Retirement System of Texas now owns 3,717 shares of the company’s stock worth $443,000 after buying an additional 445 shares in the last quarter. Credit Agricole S A boosted its stake in shares of Spectrum Brands Holdings by 542.6% in the first quarter. Credit Agricole S A now owns 393,711 shares of the company’s stock worth $43,025,000 after buying an additional 332,446 shares in the last quarter. Rothschild Asset Management Inc. bought a new stake in shares of Spectrum Brands Holdings during the second quarter worth approximately $395,000. Finally, Wesbanco Bank Inc. boosted its stake in shares of Spectrum Brands Holdings by 6.2% in the second quarter. Wesbanco Bank Inc. now owns 19,033 shares of the company’s stock worth $2,271,000 after buying an additional 1,106 shares in the last quarter. 45.41% of the stock is currently owned by hedge funds and other institutional investors.
About Spectrum Brands Holdings
Spectrum Brands Holdings, Inc (SBH) is a diversified consumer products company. The Company operates through five segments: Global Batteries & Appliances, Global Pet Supplies, Home and Garden, Hardware & Home Improvement, and Global Auto Care. The Company’s Global Batteries & Appliances segment includes consumer batteries, small appliances and personal care products.
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