South Pacific Resources (NYSE:SPB) Stock Price Down 6.4%

South Pacific Resources Ltd (NYSE:SPBGet Rating) fell 6.4% on Friday . The company traded as low as $45.12 and last traded at $46.55. 10,275 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 431,457 shares. The stock had previously closed at $49.71.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPB. Deutsche Bank Aktiengesellschaft cut their target price on South Pacific Resources from $90.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, September 16th. Royal Bank of Canada cut their target price on South Pacific Resources from $120.00 to $109.00 and set an “outperform” rating on the stock in a research note on Monday, August 15th. UBS Group cut their target price on South Pacific Resources from $109.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, August 15th. Oppenheimer lowered their price target on shares of South Pacific Resources to $67.00 in a report on Thursday, October 20th. Finally, TheStreet cut shares of South Pacific Resources from a “c-” rating to a “d+” rating in a report on Monday, October 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $80.67.

South Pacific Resources Price Performance

The business’s fifty day simple moving average is $45.58 and its 200-day simple moving average is $65.74. The company has a current ratio of 2.66, a quick ratio of 2.02 and a debt-to-equity ratio of 2.45. The firm has a market cap of $1.95 billion, a P/E ratio of 18.72 and a beta of 1.49.

South Pacific Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 13th. Shareholders of record on Monday, November 28th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, November 25th. This represents a $1.68 dividend on an annualized basis and a yield of 3.52%. South Pacific Resources’s payout ratio is 65.88%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Pinebridge Investments L.P. increased its holdings in shares of South Pacific Resources by 233.0% in the second quarter. Pinebridge Investments L.P. now owns 333 shares of the company’s stock worth $27,000 after purchasing an additional 233 shares during the period. CWM LLC increased its holdings in shares of South Pacific Resources by 844.7% in the third quarter. CWM LLC now owns 803 shares of the company’s stock worth $31,000 after purchasing an additional 718 shares during the period. Benjamin F. Edwards & Company Inc. bought a new position in shares of South Pacific Resources in the third quarter worth $33,000. Lazard Asset Management LLC bought a new position in shares of South Pacific Resources in the third quarter worth $40,000. Finally, Captrust Financial Advisors increased its holdings in shares of South Pacific Resources by 31.7% in the first quarter. Captrust Financial Advisors now owns 503 shares of the company’s stock worth $45,000 after purchasing an additional 121 shares during the period.

South Pacific Resources Company Profile

(Get Rating)

Spectrum Brands Holdings, Inc is a consumer products and home essentials company. It engages in the manufacturing and supply of residential locksets, residential builders’ hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn, garden and home pest control products, and personal insect repellents.

Further Reading

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