Bank of New York Mellon Corp Has $21.66 Million Stake in Spectrum Brands Holdings Inc. (NYSE:SPB)

Bank of New York Mellon Corp reduced its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB) by 5.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,714 shares of the company’s stock after selling 18,140 shares during the quarter. Bank of New York Mellon Corp owned 1.15% of Spectrum Brands worth $21,659,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Spectrum Brands during the fourth quarter worth about $972,000. Swiss National Bank boosted its stake in shares of Spectrum Brands by 0.7% during the 4th quarter. Swiss National Bank now owns 55,099 shares of the company’s stock worth $4,655,000 after acquiring an additional 400 shares during the period. Teacher Retirement System of Texas boosted its stake in Spectrum Brands by 17.7% in the 4th quarter. Teacher Retirement System of Texas now owns 20,756 shares of the company’s stock valued at $1,754,000 after purchasing an additional 3,118 shares during the period. Magnetar Financial LLC bought a new stake in Spectrum Brands in the 4th quarter valued at $985,000. Finally, Semanteon Capital Management LP bought a new stake in shares of Spectrum Brands during the 4th quarter valued at $506,000.

Spectrum Brands Stock Performance

SPB stock opened at $56.01 on Friday. The stock has a market capitalization of $1.37 billion, a PE ratio of 26.80 and a beta of 0.90. 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 2.34, a quick ratio of 1.40 and a debt-to-equity ratio of 0.34. The stock’s 50 day simple moving average is $57.00 and its 200 day simple moving average is $68.06.

Spectrum Brands (NYSE:SPB) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.67). The firm had revenue of $675.70 million for the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a net margin of 2.02% and a return on equity of 5.20%. Spectrum Brands’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.62 earnings per share. As a group, research analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Tuesday, May 27th. Spectrum Brands’s dividend payout ratio (DPR) is presently 89.95%.

Insider Activity at Spectrum Brands

In other Spectrum Brands news, CEO David M. Maura sold 66,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $65.53, for a total value of $4,324,980.00. Following the completion of the sale, the chief executive officer owned 723,607 shares of the company’s stock, valued at $47,417,966.71. This trade represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Spectrum Brands from $76.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Wells Fargo & Company dropped their price target on Spectrum Brands from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 9th. Monness Crespi & Hardt reduced their price target on Spectrum Brands from $106.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Finally, Canaccord Genuity Group set a $77.00 price target on Spectrum Brands and gave the company a “buy” rating in a research report on Wednesday, June 25th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.17.

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.