Canaccord Genuity Group Issues Pessimistic Forecast for Spectrum Brands (NYSE:SPB) Stock Price

Spectrum Brands (NYSE:SPB) had its price target cut by stock analysts at Canaccord Genuity Group from $100.00 to $99.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 17.67% from the stock’s previous close.

SPB has been the subject of several other research reports. 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 reaffirmed a “hold” rating and issued a $81.00 price objective on shares of Spectrum Brands in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded shares of Spectrum Brands from a “hold” rating to a “buy” rating in a report on Saturday. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $86.00.

Spectrum Brands Stock Performance

Shares of Spectrum Brands stock opened at $84.14 on Wednesday. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 16.06, a P/E/G ratio of 2.65 and a beta of 0.65. The company has a quick ratio of 1.42, a current ratio of 2.29 and a debt-to-equity ratio of 0.30. Spectrum Brands has a twelve month low of $49.99 and a twelve month high of $86.96. The company’s fifty day moving average is $80.42 and its 200 day moving average is $72.35.

Spectrum Brands (NYSE:SPB) last announced its earnings results on Thursday, May 7th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.04 by $0.21. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.The company had revenue of $708.90 million for the quarter, compared to analyst estimates of $676.45 million. During the same quarter in the prior year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts forecast that Spectrum Brands will post 5.32 EPS for the current year.

Insider Transactions at Spectrum Brands

In other news, CEO David M. Maura bought 2,500 shares of Spectrum Brands stock in a transaction dated Wednesday, May 20th. The stock was purchased at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the purchase, the chief executive officer directly owned 790,708 shares in the company, valued at $57,603,077.80. The trade was a 0.32% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SPB. Pzena Investment Management LLC boosted its holdings in Spectrum Brands by 66.8% during the third quarter. Pzena Investment Management LLC now owns 2,459,485 shares of the company’s stock worth $129,197,000 after purchasing an additional 985,034 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Spectrum Brands by 374,119.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock worth $129,779,000 after buying an additional 2,196,079 shares during the last quarter. Callodine Capital Management LP grew its position in Spectrum Brands by 20.4% during the fourth quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company’s stock worth $122,013,000 after buying an additional 350,261 shares in the last quarter. American Century Companies Inc. grew its position in Spectrum Brands by 14.5% in the third quarter. American Century Companies Inc. now owns 2,052,850 shares of the company’s stock worth $107,836,000 after acquiring an additional 260,085 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of Spectrum Brands by 2.9% in the 4th 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.

Spectrum Brands Company Profile

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.