Harvey Partners LLC Takes Position in Spectrum Brands Holdings, Inc. (NYSE:SPB)

Harvey Partners LLC acquired a new position in Spectrum Brands Holdings, Inc. (NYSE:SPB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 208,500 shares of the company’s stock, valued at approximately $19,837,000. Spectrum Brands comprises approximately 2.3% of Harvey Partners LLC’s holdings, making the stock its 19th biggest position. Harvey Partners LLC owned about 0.74% of Spectrum Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Spectrum Brands by 5.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,120,102 shares of the company’s stock worth $201,707,000 after purchasing an additional 112,530 shares during the last quarter. Pzena Investment Management LLC raised its position in Spectrum Brands by 10.4% in the third quarter. Pzena Investment Management LLC now owns 1,310,861 shares of the company’s stock worth $124,715,000 after acquiring an additional 123,733 shares during the period. Armistice Capital LLC grew its stake in Spectrum Brands by 129.4% during the second quarter. Armistice Capital LLC now owns 439,377 shares of the company’s stock valued at $37,756,000 after acquiring an additional 247,809 shares in the last quarter. Gabelli Funds LLC raised its stake in shares of Spectrum Brands by 28.6% during the second quarter. Gabelli Funds LLC now owns 212,994 shares of the company’s stock worth $18,303,000 after acquiring an additional 47,400 shares in the last quarter. Finally, Verition Fund Management LLC raised its holdings in shares of Spectrum Brands by 295.5% during the third quarter. Verition Fund Management LLC now owns 182,761 shares of the company’s stock valued at $17,388,000 after acquiring an additional 136,556 shares in the last quarter.

Spectrum Brands Trading Up 1.2 %

Shares of SPB stock opened at $93.03 on Tuesday. The business has a 50-day moving average of $91.36 and a 200 day moving average of $89.61. The stock has a market capitalization of $2.61 billion, a PE ratio of 22.80, a P/E/G ratio of 1.60 and a beta of 1.19. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.30 and a quick ratio of 1.62. Spectrum Brands Holdings, Inc. has a 1-year low of $70.31 and a 1-year high of $96.74.

Spectrum Brands (NYSE:SPB) last posted its earnings results on Friday, November 15th. The company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.16). The firm had revenue of $773.70 million for the quarter, compared to the consensus estimate of $747.80 million. Spectrum Brands had a net margin of 4.21% and a return on equity of 6.16%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.36 earnings per share. As a group, sell-side analysts anticipate that Spectrum Brands Holdings, Inc. will post 5.25 earnings per share for the current year.

Spectrum Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, November 26th will be given a $0.47 dividend. This is an increase from Spectrum Brands’s previous quarterly dividend of $0.42. The ex-dividend date is Tuesday, November 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.02%. Spectrum Brands’s dividend payout ratio is presently 46.08%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Spectrum Brands from $87.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. UBS Group increased their price objective on Spectrum Brands from $111.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spectrum Brands from $91.00 to $94.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group increased their price target on Spectrum Brands from $91.00 to $94.00 and gave the stock a “hold” rating in a report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.38.

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.