Ieq Capital LLC Makes New Investment in Spectrum Brands Holdings Inc. $SPB

Ieq Capital LLC bought a new position in Spectrum Brands Holdings Inc. (NYSE:SPB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 34,066 shares of the company’s stock, valued at approximately $2,921,000. Ieq Capital LLC owned approximately 0.15% of Spectrum Brands as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Pzena Investment Management LLC bought a new position in Spectrum Brands in the 2nd quarter worth approximately $207,584,000. Northwestern Mutual Wealth Management Co. lifted 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 worth $129,779,000 after acquiring an additional 2,196,079 shares in the last quarter. Callodine Capital Management LP boosted its holdings in shares of 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 acquiring an additional 350,261 shares during the period. BlackRock Inc. bought a new position in shares of Spectrum Brands in the second quarter worth $166,197,000. Finally, LSV Asset Management grew its position in shares of Spectrum Brands by 2.9% in the fourth quarter. LSV Asset Management now owns 602,980 shares of the company’s stock valued at $35,624,000 after purchasing an additional 17,100 shares in the last quarter.

Wall Street Analyst Weigh In

SPB has been the topic of a number of recent research reports. Monness Crespi & Hardt increased their price objective on Spectrum Brands from $86.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Canaccord Genuity Group upped their price target on Spectrum Brands from $99.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Oppenheimer increased their price target on shares of Spectrum Brands from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Wall Street Zen cut shares of Spectrum Brands from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Weiss Ratings lowered shares of Spectrum Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.83.

Spectrum Brands Price Performance

SPB opened at $88.32 on Tuesday. Spectrum Brands Holdings Inc. has a 12-month low of $49.99 and a 12-month high of $99.06. The company has a current ratio of 2.41, a quick ratio of 1.61 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $86.90 and a 200-day moving average price of $81.17. The stock has a market capitalization of $2.03 billion, a P/E ratio of 26.93, a PEG ratio of 2.74 and a beta of 0.63.

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

Spectrum Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, August 25th. Spectrum Brands’s dividend payout ratio (DPR) is presently 57.32%.

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.