Envestnet Asset Management Inc. Sells 1,495 Shares of Spectrum Brands Holdings Inc. (NYSE:SPB)

Envestnet Asset Management Inc. cut its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB) by 18.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,592 shares of the company’s stock after selling 1,495 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Spectrum Brands were worth $472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Callodine Capital Management LP increased its stake in Spectrum Brands by 29.8% in the 4th quarter. Callodine Capital Management LP now owns 527,500 shares of the company’s stock valued at $44,568,000 after buying an additional 121,000 shares during the period. FIL Ltd grew its holdings in Spectrum Brands by 8.7% during the 4th quarter. FIL Ltd now owns 461,568 shares of the company’s stock valued at $38,998,000 after buying an additional 36,798 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of Spectrum Brands by 4.0% during the 4th quarter. Systematic Financial Management LP now owns 359,748 shares of the company’s stock worth $30,395,000 after purchasing an additional 13,743 shares during the last quarter. Man Group plc grew its position in shares of Spectrum Brands by 160.5% in the fourth quarter. Man Group plc now owns 320,178 shares of the company’s stock valued at $27,052,000 after purchasing an additional 197,263 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Spectrum Brands by 76.4% during the 4th quarter. AQR Capital Management LLC now owns 261,507 shares of the company’s stock worth $22,095,000 after acquiring an additional 113,238 shares during the period.

Spectrum Brands Trading Down 2.0%

Shares of SPB opened at $53.13 on Thursday. The stock has a market capitalization of $1.30 billion, a P/E ratio of 25.42 and a beta of 0.86. The business’s 50-day moving average price is $55.17 and its 200 day moving average price is $65.13. 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 Holdings Inc. 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 firm had revenue of $675.70 million for the quarter, compared to analysts’ expectations of $701.00 million. During the same quarter in the prior year, the business posted $1.62 earnings per share. Spectrum Brands’s revenue was down 6.0% on a year-over-year basis. Analysts expect that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, August 26th. Spectrum Brands’s dividend payout ratio is presently 89.95%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPB. Monness Crespi & Hardt reduced their price objective on Spectrum Brands from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. UBS Group boosted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Canaccord Genuity Group set a $77.00 target price on shares of Spectrum Brands and gave the stock a “buy” rating in a report on Wednesday, June 25th. Finally, Wells Fargo & Company dropped their price target on shares of Spectrum Brands from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.17.

Insider Buying and Selling

In other Spectrum Brands news, CEO David M. Maura sold 66,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $65.53, for a total transaction 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 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 through the SEC website. 3.90% of the stock is owned by insiders.

About Spectrum Brands

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.