Wells Fargo & Company Issues Pessimistic Forecast for Spectrum Brands (NYSE:SPB) Stock Price

Spectrum Brands (NYSE:SPB) had its price objective cut by investment analysts at Wells Fargo & Company from $65.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 4.15% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity Group set a $77.00 price target on shares of Spectrum Brands and gave the stock a “buy” rating in a research note on Wednesday, June 25th. UBS Group boosted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Monness Crespi & Hardt reduced their target price on shares of Spectrum Brands from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $84.17.

Spectrum Brands Trading Up 1.5%

Shares of Spectrum Brands stock opened at $57.61 on Wednesday. The company’s fifty day simple moving average is $57.73 and its 200-day simple moving average is $69.04. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 27.56 and a beta of 0.90. The company has a current ratio of 2.34, a quick ratio of 1.40 and a debt-to-equity ratio of 0.34. Spectrum Brands has a 1 year low of $50.73 and a 1 year high of $96.62.

Spectrum Brands (NYSE:SPB) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.67). Spectrum Brands had a return on equity of 5.20% and a net margin of 2.02%. The company had revenue of $675.70 million during the quarter, compared to analyst estimates of $701.00 million. During the same quarter in the previous year, the business posted $1.62 EPS. The company’s revenue was down 6.0% on a year-over-year basis. As a group, sell-side analysts expect that Spectrum Brands will post 5.06 EPS for the current year.

Insider Activity

In related news, CEO David M. Maura sold 66,000 shares of Spectrum Brands stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $65.53, for a total value of $4,324,980.00. Following the completion of the transaction, the chief executive officer directly owned 723,607 shares of the company’s stock, valued at $47,417,966.71. The trade was a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.90% of the stock is owned by corporate insiders.

Institutional Trading of Spectrum Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPB. Steward Partners Investment Advisory LLC bought a new stake in shares of Spectrum Brands in the 4th quarter valued at about $50,000. Versant Capital Management Inc raised its stake in shares of Spectrum Brands by 101.7% during the 1st quarter. Versant Capital Management Inc now owns 970 shares of the company’s stock worth $69,000 after purchasing an additional 489 shares in the last quarter. New York State Teachers Retirement System bought a new stake in shares of Spectrum Brands during the 1st quarter worth approximately $118,000. Lazard Asset Management LLC raised its stake in shares of Spectrum Brands by 89.6% during the 4th quarter. Lazard Asset Management LLC now owns 1,464 shares of the company’s stock worth $123,000 after purchasing an additional 692 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Spectrum Brands during the 1st quarter worth approximately $157,000.

Spectrum Brands Company 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.