Spectrum Brands (NYSE:SPB) Reaches New 52-Week High – Here’s Why

Spectrum Brands Holdings Inc. (NYSE:SPB)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $87.09 and last traded at $86.8650, with a volume of 89511 shares changing hands. The stock had previously closed at $83.47.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Spectrum Brands from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $81.00 target price on shares of Spectrum Brands in a research report on Friday, May 8th. Canaccord Genuity Group reduced their target price on Spectrum Brands from $100.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, June 17th. Finally, Wall Street Zen cut Spectrum Brands from a “buy” rating to a “hold” rating in a research report on Sunday. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Spectrum Brands has an average rating of “Moderate Buy” and a consensus target price of $86.00.

Spectrum Brands Stock Up 2.9%

The business’s fifty day moving average price is $80.89 and its 200 day moving average price is $73.21. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.62 and a beta of 0.65. The company has a current ratio of 2.29, a quick ratio of 1.42 and a debt-to-equity ratio of 0.30.

Spectrum Brands (NYSE:SPB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.21. The firm had revenue of $708.90 million during the quarter, compared to analysts’ expectations of $676.45 million. Spectrum Brands had a net margin of 4.47% and a return on equity of 8.23%. Spectrum Brands’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 EPS. On average, equities analysts expect that Spectrum Brands Holdings Inc. will post 5.32 EPS for the current year.

Spectrum Brands Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Spectrum Brands’s dividend payout ratio (DPR) is currently 35.88%.

Insider Activity

In related news, CEO David M. Maura purchased 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the transaction, the chief executive officer directly owned 790,708 shares of the company’s stock, valued at approximately $57,603,077.80. The trade was a 0.32% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SPB. Pacer Advisors Inc. lifted its holdings in shares of Spectrum Brands by 52.6% in the 1st quarter. Pacer Advisors Inc. now owns 161,213 shares of the company’s stock valued at $11,881,000 after buying an additional 55,563 shares during the period. Empowered Funds LLC grew its holdings in Spectrum Brands by 5.2% during the first quarter. Empowered Funds LLC now owns 93,632 shares of the company’s stock worth $6,901,000 after acquiring an additional 4,612 shares during the period. Glenmede Trust Co. NA purchased a new position in Spectrum Brands in the first quarter worth $311,000. Edgestream Partners L.P. acquired a new stake in Spectrum Brands in the first quarter valued at $2,224,000. Finally, California State Teachers Retirement System lifted its holdings in Spectrum Brands by 17.8% in the first quarter. California State Teachers Retirement System now owns 25,279 shares of the company’s stock valued at $1,863,000 after acquiring an additional 3,813 shares during the period.

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.