Canaccord Genuity Group Lowers Spectrum Brands (NYSE:SPB) Price Target to $75.00

Spectrum Brands (NYSE:SPB) had its target price dropped by equities researchers at Canaccord Genuity Group from $77.00 to $75.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 33.08% from the company’s current price.

Several other equities analysts also recently commented on the stock. UBS Group increased their price objective 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. Monness Crespi & Hardt dropped their price target on shares of Spectrum Brands from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. 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 for the company in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.80.

Spectrum Brands Stock Performance

Shares of Spectrum Brands stock opened at $56.36 on Friday. The company has a 50 day moving average of $55.11 and a 200-day moving average of $64.58. Spectrum Brands has a 1-year low of $50.73 and a 1-year 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 company has a market cap of $1.38 billion, a PE ratio of 21.03 and a beta of 0.86.

Spectrum Brands (NYSE:SPB) last issued its quarterly earnings data on Thursday, August 7th. The company reported $1.24 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.01). The company had revenue of $699.60 million during the quarter, compared to the consensus estimate of $742.13 million. Spectrum Brands had a net margin of 2.56% and a return on equity of 5.19%. Spectrum Brands’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 EPS. As a group, equities research analysts forecast that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Spectrum Brands

In other news, CEO David M. Maura sold 5,180 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $63.77, for a total transaction of $330,328.60. Following the completion of the sale, the chief executive officer directly owned 718,427 shares in the company, valued at $45,814,089.79. This represents a 0.72% 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 currently owned by company insiders.

Institutional Investors Weigh In On Spectrum Brands

Large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Spectrum Brands by 120.3% during the second quarter. GAMMA Investing LLC now owns 489 shares of the company’s stock worth $26,000 after buying an additional 267 shares during the period. Blue Trust Inc. increased its position in shares of Spectrum Brands by 44.8% during the second quarter. Blue Trust Inc. now owns 1,060 shares of the company’s stock worth $56,000 after buying an additional 328 shares during the period. Versant Capital Management Inc increased its position in shares of Spectrum Brands by 101.7% during the first quarter. Versant Capital Management Inc now owns 970 shares of the company’s stock worth $69,000 after buying an additional 489 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Spectrum Brands by 13.9% during the second quarter. Nisa Investment Advisors LLC now owns 1,767 shares of the company’s stock worth $94,000 after buying an additional 215 shares during the period. Finally, New York State Teachers Retirement System acquired a new stake in shares of Spectrum Brands during the first quarter worth $118,000.

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.