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

Spectrum Brands Holdings Inc. (NYSE:SPB) 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.

Several other analysts have also issued reports on the stock. Weiss Ratings lowered shares of Spectrum Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Oppenheimer upped their price target on shares of Spectrum Brands from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Monness Crespi & Hardt raised their price target on shares of Spectrum Brands from $86.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $96.00 price objective on shares of Spectrum Brands in a report on Monday, August 10th. Finally, Royal Bank Of Canada lowered Spectrum Brands from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $85.00 to $92.00 in a research note on Monday, August 10th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Spectrum Brands presently has a consensus rating of “Hold” and a consensus target price of $98.00.

Institutional Trading of Spectrum Brands

Hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new stake in shares of Spectrum Brands in the second quarter valued at approximately $1,949,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Spectrum Brands in the second quarter valued at approximately $70,000. Squarepoint Ops LLC lifted its position in Spectrum Brands by 2.5% during the second quarter. Squarepoint Ops LLC now owns 12,418 shares of the company’s stock worth $1,065,000 after buying an additional 302 shares in the last quarter. Allworth Financial LP lifted its position in Spectrum Brands by 65.2% during the second quarter. Allworth Financial LP now owns 337 shares of the company’s stock worth $29,000 after buying an additional 133 shares in the last quarter. Finally, Nykredit A S acquired a new position in Spectrum Brands during the second quarter worth $102,000.

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 stock has a 50 day simple moving average of $86.49 and a two-hundred day simple moving average of $83.13. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 2.70 and a beta of 0.78.

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

Spectrum Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, August 25th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $1.88 dividend on an annualized basis and a yield of 2.5%. Spectrum Brands’s 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.