Spectrum Brands (NYSE:SPB) Price Target Lowered to $85.00 at Wells Fargo & Company

Posted by Defense World Staff on May 16th, 2023

Spectrum Brands (NYSE:SPB – Get Rating) had its price objective trimmed by Wells Fargo & Company from $90.00 to $85.00 in a report released on Monday morning, The Fly reports.

A number of other brokerages have also recently weighed in on SPB. StockNews.com raised shares of Spectrum Brands to a sell rating in a research note on Saturday, April 29th. Wolfe Research assumed coverage on shares of Spectrum Brands in a report on Thursday, March 30th. They set a market perform rating on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spectrum Brands from $69.00 to $80.00 in a research note on Monday, May 8th. TheStreet raised shares of Spectrum Brands from a d+ rating to a c- rating in a report on Thursday, January 26th. Finally, Canaccord Genuity Group assumed coverage on shares of Spectrum Brands in a research note on Thursday, March 30th. They set a buy rating and a $82.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $82.86.

Spectrum Brands Stock Performance

NYSE:SPB opened at $73.25 on Monday. The firm has a market capitalization of $3.00 billion, a PE ratio of 70.43 and a beta of 1.41. The business’s fifty day moving average price is $65.11 and its 200 day moving average price is $61.18. The company has a debt-to-equity ratio of 2.64, a current ratio of 2.94 and a quick ratio of 2.29. Spectrum Brands has a 12 month low of $38.93 and a 12 month high of $91.25.

Spectrum Brands (NYSE:SPB – Get Rating) last announced its earnings results on Friday, February 10th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.18). The business had revenue of $713.30 million for the quarter, compared to analyst estimates of $758.27 million. Spectrum Brands had a return on equity of 3.53% and a net margin of 1.38%. Spectrum Brands’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) EPS. On average, sell-side analysts anticipate that Spectrum Brands will post 1.19 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 8th. Stockholders of record on Tuesday, May 23rd will be issued a dividend of $0.42 per share. The ex-dividend date is Monday, May 22nd. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.29%. Spectrum Brands’s dividend payout ratio is currently 161.54%.

Institutional Investors Weigh In On Spectrum Brands

Large investors have recently made changes to their positions in the company. BOKF NA acquired a new position in Spectrum Brands in the 1st quarter valued at approximately $30,000. Signaturefd LLC raised its stake in shares of Spectrum Brands by 529.7% in the 4th quarter. Signaturefd LLC now owns 466 shares of the company’s stock valued at $28,000 after buying an additional 392 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Spectrum Brands by 31.7% in the 1st quarter. Captrust Financial Advisors now owns 503 shares of the company’s stock valued at $45,000 after buying an additional 121 shares in the last quarter. CWM LLC increased its position in shares of Spectrum Brands by 844.7% during the 3rd quarter. CWM LLC now owns 803 shares of the company’s stock worth $31,000 after purchasing an additional 718 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Spectrum Brands during the 3rd quarter worth about $33,000. Institutional investors and hedge funds own 95.33% of the company’s stock.

Spectrum Brands Company Profile

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Spectrum Brands Holdings, Inc engages in the manufacture 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.