Newell Brands Inc. (NWL) Announces Quarterly Earnings Results, Misses Estimates By $0.06 EPS
Newell Brands Inc. (NYSE:NWL) posted its quarterly earnings results on Thursday. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.06), Bloomberg Earnings reports. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.71 billion. Newell Brands had a net margin of 7.87% and a return on equity of 11.47%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. Newell Brands updated its FY17 guidance to $2.80-2.85 EPS.
Several research analysts recently weighed in on NWL shares. Jefferies Group LLC lowered Newell Brands from a “buy” rating to a “hold” rating and dropped their price target for the company from $63.00 to $49.00 in a research report on Monday, September 11th. Royal Bank Of Canada reissued a “top pick” rating and set a $60.00 price target on shares of Newell Brands in a research report on Tuesday, August 29th. Zacks Investment Research lowered Newell Brands from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. J P Morgan Chase & Co dropped their price target on Newell Brands from $58.00 to $56.00 and set an “overweight” rating on the stock in a research report on Thursday, September 21st. Finally, BMO Capital Markets reissued a “market perform” rating and set a $45.00 price target (down from $51.00) on shares of Newell Brands in a research report on Thursday, September 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $56.31.
In other news, CEO Michael B. Polk purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were bought at an average cost of $43.61 per share, for a total transaction of $218,050.00. Following the completion of the acquisition, the chief executive officer now directly owns 609,296 shares in the company, valued at approximately $26,571,398.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott S. Cowen purchased 2,000 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was purchased at an average price of $43.60 per share, for a total transaction of $87,200.00. Following the completion of the acquisition, the director now owns 87,883 shares of the company’s stock, valued at $3,831,698.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 7,100 shares of company stock worth $309,715. Corporate insiders own 0.97% of the company’s stock.
Newell Brands declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 26th that permits the company to repurchase $256.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
About Newell Brands
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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