Spectrum Brands (NYSE:SPB) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Spectrum Brands (NYSE:SPB) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

Other equities analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $96.00 price target on shares of Spectrum Brands in a report on Monday, August 10th. Oppenheimer upped their target price on Spectrum Brands from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. Wells Fargo & Company increased their price target on Spectrum Brands from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Monness Crespi & Hardt raised their price target on Spectrum Brands from $86.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada cut Spectrum Brands from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $85.00 to $92.00 in a report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $98.83.

Spectrum Brands Stock Up 0.3%

Shares of SPB opened at $88.70 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average of $87.60 and a 200 day moving average of $81.99. The company has a market cap of $2.04 billion, a PE ratio of 27.04, a P/E/G ratio of 2.79 and a beta of 0.65. Spectrum Brands has a 52-week low of $49.99 and a 52-week high of $99.06.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings data on Friday, August 7th. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $1.33. The business had revenue of $753.30 million for the quarter, compared to analysts’ expectations of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.24 earnings per share. On average, sell-side analysts expect that Spectrum Brands will post 6.38 EPS for the current year.

Spectrum Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.88 annualized dividend and a yield of 2.1%. Spectrum Brands’s dividend payout ratio is 57.32%.

Institutional Investors Weigh In On Spectrum Brands

Institutional investors and hedge funds have recently bought and sold shares of the company. Pzena Investment Management LLC bought a new position in shares of Spectrum Brands during the 2nd quarter worth $207,584,000. Northwestern Mutual Wealth Management Co. lifted its stake in Spectrum Brands by 374,119.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock worth $129,779,000 after acquiring an additional 2,196,079 shares during the period. California State Teachers Retirement System grew its holdings in Spectrum Brands by 8,295.6% during the 2nd quarter. California State Teachers Retirement System now owns 2,122,313 shares of the company’s stock worth $181,988,000 after acquiring an additional 2,097,034 shares in the last quarter. Callodine Capital Management LP increased its position in Spectrum Brands by 20.4% during the 4th quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company’s stock valued at $122,013,000 after purchasing an additional 350,261 shares during the period. Finally, BlackRock Inc. purchased a new position in Spectrum Brands during the 2nd quarter valued at about $166,197,000.

About Spectrum Brands

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.