Spectrum Brands (NYSE:SPB) Shares Gap Down on Analyst Downgrade

Spectrum Brands Holdings Inc. (NYSE:SPB)’s stock price gapped down prior to trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $90.00 to $85.00. The stock had previously closed at $78.32, but opened at $76.20. Wells Fargo & Company currently has an equal weight rating on the stock. Spectrum Brands shares last traded at $76.60, with a volume of 8,177 shares trading hands.

Several other equities research analysts have also recently issued reports on the stock. Canaccord Genuity Group raised their price objective on shares of Spectrum Brands from $99.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen raised shares of Spectrum Brands from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $96.00 price target on shares of Spectrum Brands in a report on Monday, August 10th. Royal Bank Of Canada lowered shares of Spectrum Brands from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $85.00 to $92.00 in a research report on Monday, August 10th. Finally, Oppenheimer upped their price objective on Spectrum Brands from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Spectrum Brands has an average rating of “Hold” and an average target price of $98.00.

Hedge Funds Weigh In On Spectrum Brands

Large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP purchased a new stake in shares of Spectrum Brands in the 2nd quarter valued at $1,949,000. Hsbc Holdings PLC boosted its holdings in Spectrum Brands by 41.4% during the 2nd quarter. Hsbc Holdings PLC now owns 61,157 shares of the company’s stock valued at $5,208,000 after acquiring an additional 17,900 shares during the period. Manning & Napier Advisors LLC purchased a new position in Spectrum Brands during the 2nd quarter valued at about $26,496,000. Legal & General Group Plc purchased a new position in Spectrum Brands during the 2nd quarter valued at about $1,870,000. Finally, PEAK6 LLC acquired a new position in Spectrum Brands in the 2nd quarter valued at about $2,955,000.

Spectrum Brands Price Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 2.41 and a quick ratio of 1.61. The company has a market capitalization of $1.77 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 2.72 and a beta of 0.78. The stock’s 50 day simple moving average is $86.26 and its 200-day simple moving average is $83.17.

Spectrum Brands (NYSE:SPB) last issued its quarterly earnings results on Friday, August 7th. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $1.33. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The business had revenue of $753.30 million for the quarter, compared to analysts’ expectations of $732.19 million. During the same quarter in the prior year, the company earned $1.24 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities analysts forecast that Spectrum Brands Holdings Inc. will post 6.38 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, August 25th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, August 25th. This represents a $1.88 dividend on an annualized basis and a yield of 2.4%. Spectrum Brands’s dividend payout ratio is 57.32%.

About Spectrum Brands

Spectrum Brands Holdings, Inc is a global consumer products company headquartered in Middleton, Wisconsin. The company develops, markets and distributes branded products for use in homes, gardens and by pet owners, selling through mass retailers, e-commerce channels, specialty stores and other retail outlets in North America and international markets.

Spectrum Brands’ portfolio has historically included home and personal care products under brands such as Remington, Russell Hobbs, George Foreman and Black+Decker, as well as pet care products marketed under brands including Tetra, FURminator, Nature’s Miracle and 8-in-1.