Callodine Capital Management LP Has $52.23 Million Position in Spectrum Brands Holdings Inc. $SPB

Callodine Capital Management LP boosted its position in Spectrum Brands Holdings Inc. (NYSE:SPB) by 38.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 730,000 shares of the company’s stock after buying an additional 202,500 shares during the period. Spectrum Brands makes up approximately 8.7% of Callodine Capital Management LP’s portfolio, making the stock its biggest position. Callodine Capital Management LP owned approximately 2.77% of Spectrum Brands worth $52,232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPB. Ieq Capital LLC boosted its stake in Spectrum Brands by 185.6% during the 1st quarter. Ieq Capital LLC now owns 19,003 shares of the company’s stock valued at $1,360,000 after purchasing an additional 12,350 shares during the last quarter. Redwood Investment Management LLC boosted its stake in Spectrum Brands by 9.9% during the 1st quarter. Redwood Investment Management LLC now owns 70,518 shares of the company’s stock valued at $5,046,000 after purchasing an additional 6,377 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in Spectrum Brands by 10.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 246,966 shares of the company’s stock valued at $17,670,000 after purchasing an additional 23,543 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Spectrum Brands during the 1st quarter valued at about $2,802,000. Finally, CW Advisors LLC boosted its stake in Spectrum Brands by 48.3% during the 1st quarter. CW Advisors LLC now owns 16,767 shares of the company’s stock valued at $1,200,000 after purchasing an additional 5,458 shares during the last quarter.

Spectrum Brands Price Performance

Spectrum Brands stock opened at $55.59 on Wednesday. Spectrum Brands Holdings Inc. has a 12 month low of $50.73 and a 12 month high of $96.62. The company has a current ratio of 2.42, a quick ratio of 1.50 and a debt-to-equity ratio of 0.35. The business’s 50 day simple moving average is $55.57 and its 200 day simple moving average is $62.36. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 20.74 and a beta of 0.86.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings data on Thursday, August 7th. The company reported $1.24 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.01). Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. The firm had revenue of $699.60 million during the quarter, compared to analysts’ expectations of $742.13 million. During the same quarter in the previous year, the company posted $1.13 EPS. Spectrum Brands’s revenue for the quarter was down 10.2% on a year-over-year basis. Sell-side analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current year.

Spectrum Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, August 26th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.88 dividend on an annualized basis and a yield of 3.4%. Spectrum Brands’s payout ratio is presently 70.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SPB shares. Royal Bank Of Canada set a $75.00 price target on Spectrum Brands and gave the company an “outperform” rating in a research note on Monday, August 11th. Monness Crespi & Hardt cut their target price on Spectrum Brands from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Wall Street Zen upgraded Spectrum Brands from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. UBS Group boosted their target price on Spectrum Brands from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Canaccord Genuity Group cut their target price on Spectrum Brands from $77.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.80.

Spectrum Brands Profile

Spectrum Brands Holdings, Inc operates as a branded consumer products and home essentials company in North America, Europe, the Middle East, Africa, and Asia-Pacific regions. It operates through three segments: Home and Personal Care; Global Pet Care; and Home and Garden. The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, PowerXL, Emeril Legasse, Copper Chef, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington brand.