Newell Brands (NYSE:NWL) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, The Fly reports. They presently have a $25.00 target price on the stock, down from their prior target price of $38.00. Morgan Stanley’s price objective indicates a potential downside of 19.95% from the stock’s previous close.
A number of other research analysts also recently commented on the stock. Jefferies Group reissued a “hold” rating and issued a $47.00 price objective on shares of Newell Brands in a research report on Thursday, October 19th. Citigroup decreased their price objective on shares of Newell Brands from $63.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. ValuEngine downgraded shares of Newell Brands from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Raymond James Financial reissued a “market perform” rating on shares of Newell Brands in a research report on Friday, November 3rd. Finally, Barclays reissued a “buy” rating and issued a $35.00 price objective on shares of Newell Brands in a research report on Wednesday, December 6th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. Newell Brands presently has a consensus rating of “Hold” and an average target price of $42.73.
Shares of Newell Brands (NYSE NWL) traded down $0.42 on Thursday, hitting $31.23. 5,255,100 shares of the stock were exchanged, compared to its average volume of 4,517,581. Newell Brands has a 52 week low of $27.45 and a 52 week high of $55.08. The company has a market cap of $12,090.00, a P/E ratio of 12.06, a PEG ratio of 1.21 and a beta of 1.10. The company has a current ratio of 1.46, a quick ratio of 0.86 and a debt-to-equity ratio of 0.80.
Newell Brands announced that its Board of Directors has approved a stock repurchase program on Thursday, November 2nd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, CEO Michael B. Polk bought 7,000 shares of Newell Brands stock in a transaction that occurred on Monday, November 20th. The stock was acquired at an average price of $28.22 per share, with a total value of $197,540.00. Following the acquisition, the chief executive officer now owns 616,296 shares of the company’s stock, valued at approximately $17,391,873.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.97% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Harfst & Associates Inc. bought a new stake in Newell Brands in the 1st quarter valued at about $103,000. Parallel Advisors LLC bought a new stake in Newell Brands in the 4th quarter valued at about $105,000. BDO Wealth Advisors LLC bought a new stake in Newell Brands in the 2nd quarter valued at about $107,000. Parkside Investments LLC bought a new stake in Newell Brands in the 3rd quarter valued at about $107,000. Finally, Israel Discount Bank of New York bought a new stake in Newell Brands in the 1st quarter valued at about $112,000. 93.91% of the stock is owned by institutional investors and hedge funds.
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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.
