Callodine Capital Management LP Acquires 360,898 Shares of Spectrum Brands Holdings Inc. $SPB

Callodine Capital Management LP raised its holdings in shares of Spectrum Brands Holdings Inc. (NYSE:SPB) by 26.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,714,955 shares of the company’s stock after acquiring an additional 360,898 shares during the period. Spectrum Brands makes up about 7.9% of Callodine Capital Management LP’s portfolio, making the stock its biggest position. Callodine Capital Management LP owned about 7.08% of Spectrum Brands worth $90,087,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC purchased a new stake in Spectrum Brands in the second quarter valued at $41,000. SJS Investment Consulting Inc. purchased a new stake in Spectrum Brands in the 3rd quarter worth approximately $47,000. State of Alaska Department of Revenue acquired a new stake in shares of Spectrum Brands during the 3rd quarter worth approximately $49,000. Raymond James Financial Inc. purchased a new position in shares of Spectrum Brands during the 2nd quarter valued at approximately $103,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Spectrum Brands by 1,405.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company’s stock valued at $128,000 after purchasing an additional 2,248 shares in the last quarter.

Spectrum Brands Trading Down 0.9%

Shares of SPB opened at $73.67 on Friday. The firm’s fifty day moving average is $70.80 and its two-hundred day moving average is $61.04. The stock has a market cap of $1.71 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 2.50 and a beta of 0.64. The company has a quick ratio of 1.38, a current ratio of 2.21 and a debt-to-equity ratio of 0.29. Spectrum Brands Holdings Inc. has a 52-week low of $49.99 and a 52-week high of $80.42.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.63. The firm had revenue of $677.00 million for the quarter, compared to the consensus estimate of $667.59 million. Spectrum Brands had a net margin of 3.76% and a return on equity of 7.65%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share. Research analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, February 17th. This represents a $1.88 dividend on an annualized basis and a yield of 2.6%. Spectrum Brands’s dividend payout ratio (DPR) is presently 43.42%.

Analysts Set New Price Targets

SPB has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on shares of Spectrum Brands from $62.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, February 6th. Royal Bank Of Canada set a $85.00 target price on shares of Spectrum Brands in a research note on Friday, February 6th. Oppenheimer raised their target price on Spectrum Brands from $75.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Spectrum Brands in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Spectrum Brands from a “sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.00.

Spectrum Brands Profile

Spectrum Brands Holdings, Inc is a global consumer products company that develops and markets a diverse portfolio of branded household and personal care products. Organized into four principal business segments—Hardware & Home Improvement, Home & Garden, Pet, and Appliances & Personal Care—the company offers a broad range of items including security and plumbing solutions, small electric appliances, grooming tools, and pet care accessories. Its hardware division features well-known brands such as Kwikset, Baldwin and Pfister, while the home appliance segment is anchored by names like Russell Hobbs and Remington.