Fifth Third Bancorp Purchases Shares of 11,870 Spectrum Brands Holdings Inc. $SPB

Fifth Third Bancorp acquired a new position in Spectrum Brands Holdings Inc. (NYSE:SPB) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,870 shares of the company’s stock, valued at approximately $875,000.

Several other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Spectrum Brands by 374,119.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock valued at $129,779,000 after purchasing an additional 2,196,079 shares during the period. Callodine Capital Management LP lifted its position in Spectrum Brands by 20.4% in the fourth quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company’s stock worth $122,013,000 after purchasing an additional 350,261 shares during the period. Balyasny Asset Management L.P. bought a new position in Spectrum Brands in the second quarter worth $15,409,000. Qube Research & Technologies Ltd boosted its stake in Spectrum Brands by 71.2% during the second quarter. Qube Research & Technologies Ltd now owns 539,728 shares of the company’s stock worth $28,606,000 after buying an additional 224,481 shares in the last quarter. Finally, Bridgeway Capital Management LLC acquired a new stake in Spectrum Brands during the second quarter worth $7,317,000.

Insider Buying and Selling

In other news, CEO David M. Maura purchased 2,500 shares of Spectrum Brands stock in a transaction on Wednesday, May 20th. The shares were purchased at an average cost of $72.85 per share, for a total transaction of $182,125.00. Following the completion of the transaction, the chief executive officer directly owned 790,708 shares in the company, valued at approximately $57,603,077.80. This represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.50% of the stock is currently owned by company insiders.

Spectrum Brands Stock Performance

Spectrum Brands stock opened at $88.91 on Monday. The firm has a market capitalization of $2.04 billion, a P/E ratio of 16.97, a P/E/G ratio of 2.79 and a beta of 0.64. The stock has a fifty day moving average price of $82.98 and a two-hundred day moving average price of $77.48. Spectrum Brands Holdings Inc. has a 52-week low of $49.99 and a 52-week high of $90.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.29 and a quick ratio of 1.42.

Spectrum Brands (NYSE:SPB) last issued its earnings results on Thursday, May 7th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.04 by $0.21. Spectrum Brands had a net margin of 4.47% and a return on equity of 8.23%. The company had revenue of $708.90 million for the quarter, compared to the consensus estimate of $676.45 million. During the same quarter in the previous year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, analysts anticipate that Spectrum Brands Holdings Inc. will post 5.32 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, May 26th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, May 26th. Spectrum Brands’s dividend payout ratio (DPR) is currently 35.88%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SPB shares. Canaccord Genuity Group dropped their price objective on shares of Spectrum Brands from $100.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, June 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spectrum Brands in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Spectrum Brands from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Wells Fargo & Company increased their price target on shares of Spectrum Brands from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $81.00 price target on shares of Spectrum Brands in a research note on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.00.

About Spectrum Brands

Spectrum Brands Holdings, Inc is a global consumer products company that develops and markets a diverse portfolio of branded household and personal care products. Organized into four principal business segments—Hardware & Home Improvement, Home & Garden, Pet, and Appliances & Personal Care—the company offers a broad range of items including security and plumbing solutions, small electric appliances, grooming tools, and pet care accessories. Its hardware division features well-known brands such as Kwikset, Baldwin and Pfister, while the home appliance segment is anchored by names like Russell Hobbs and Remington.