Spectrum Brands (NYSE:SPB) Price Target Raised to $62.00

Spectrum Brands (NYSE:SPB) had its target price upped by Wells Fargo & Company from $55.00 to $62.00 in a report published on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

SPB has been the subject of a number of other research reports. Royal Bank Of Canada set a $75.00 price objective on shares of Spectrum Brands and gave the stock an “outperform” rating in a research report on Monday, August 11th. Canaccord Genuity Group reduced their target price on Spectrum Brands from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Wall Street Zen cut Spectrum Brands from a “hold” rating to a “sell” rating in a research note on Monday, November 10th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Spectrum Brands in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.20.

Spectrum Brands Price Performance

SPB opened at $57.05 on Friday. Spectrum Brands has a 1 year low of $49.99 and a 1 year high of $96.62. The business’s 50-day moving average is $53.69 and its two-hundred day moving average is $55.87. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.42 and a quick ratio of 1.50. The firm has a market capitalization of $1.38 billion, a PE ratio of 14.41 and a beta of 0.82.

Spectrum Brands (NYSE:SPB) last announced its earnings results on Thursday, November 13th. The company reported $2.61 earnings per share for the quarter, topping the consensus estimate of $0.77 by $1.84. The firm had revenue of $733.50 million for the quarter, compared to the consensus estimate of $738.57 million. Spectrum Brands had a return on equity of 7.27% and a net margin of 3.56%.The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 EPS. Research analysts anticipate that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 9th. Investors of record on Monday, November 24th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, November 24th. Spectrum Brands’s dividend payout ratio is currently 70.15%.

Institutional Investors Weigh In On Spectrum Brands

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC increased its holdings in Spectrum Brands by 66.8% during the 3rd quarter. Pzena Investment Management LLC now owns 2,459,485 shares of the company’s stock valued at $129,197,000 after acquiring an additional 985,034 shares in the last quarter. American Century Companies Inc. raised its stake in Spectrum Brands by 14.5% in the 3rd quarter. American Century Companies Inc. now owns 2,052,850 shares of the company’s stock valued at $107,836,000 after purchasing an additional 260,085 shares during the last quarter. Callodine Capital Management LP lifted its stake in shares of Spectrum Brands by 26.7% during the third quarter. Callodine Capital Management LP now owns 1,714,955 shares of the company’s stock valued at $90,087,000 after buying an additional 360,898 shares during the period. Alberta Investment Management Corp lifted its stake in shares of Spectrum Brands by 33.1% during the 1st quarter. Alberta Investment Management Corp now owns 750,029 shares of the company’s stock worth $53,665,000 after purchasing an additional 186,729 shares during the period. Finally, Armistice Capital LLC lifted its stake in shares of Spectrum Brands by 20.0% during the 1st quarter. Armistice Capital LLC now owns 691,000 shares of the company’s stock worth $49,441,000 after purchasing an additional 115,143 shares during the period.

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.