Monness Crespi & Hardt Cuts Spectrum Brands (NYSE:SPB) Price Target to $86.00

Spectrum Brands (NYSE:SPB) had its price objective trimmed by Monness Crespi & Hardt from $106.00 to $86.00 in a research report report published on Wednesday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently weighed in on SPB. UBS Group upped their price target on Spectrum Brands from $76.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Wells Fargo & Company lowered their price target on Spectrum Brands from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada lowered their price target on Spectrum Brands from $114.00 to $110.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Finally, Canaccord Genuity Group upgraded Spectrum Brands from a “hold” rating to a “buy” rating and upped their price target for the company from $94.00 to $102.00 in a research report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Spectrum Brands presently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

Spectrum Brands Stock Performance

NYSE SPB opened at $65.50 on Wednesday. The stock has a market cap of $1.64 billion, a P/E ratio of 16.09, a PEG ratio of 1.70 and a beta of 1.00. The company’s 50-day simple moving average is $65.18 and its 200 day simple moving average is $78.40. Spectrum Brands has a twelve month low of $56.50 and a twelve month high of $96.62. The company has a quick ratio of 1.53, a current ratio of 2.40 and a debt-to-equity ratio of 0.27.

Spectrum Brands (NYSE:SPB) last posted its earnings results on Thursday, May 8th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.67). The business had revenue of $675.70 million during the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a net margin of 4.01% and a return on equity of 6.44%. The business’s revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.62 EPS. As a group, research analysts forecast that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Tuesday, May 27th. Spectrum Brands’s payout ratio is presently 89.95%.

Insider Transactions at Spectrum Brands

In other news, CEO David M. Maura sold 66,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $65.53, for a total transaction of $4,324,980.00. Following the sale, the chief executive officer now owns 723,607 shares in the company, valued at approximately $47,417,966.71. This represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Spectrum Brands

Several large investors have recently made changes to their positions in the business. Pzena Investment Management LLC grew its holdings in shares of Spectrum Brands by 1.7% during the fourth quarter. Pzena Investment Management LLC now owns 1,333,345 shares of the company’s stock worth $112,654,000 after purchasing an additional 22,484 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Spectrum Brands by 7.5% during the first quarter. American Century Companies Inc. now owns 1,319,420 shares of the company’s stock worth $94,405,000 after purchasing an additional 92,418 shares during the last quarter. Alberta Investment Management Corp boosted its holdings in Spectrum Brands by 33.1% in the first quarter. Alberta Investment Management Corp now owns 750,029 shares of the company’s stock valued at $53,665,000 after acquiring an additional 186,729 shares during the last quarter. Callodine Capital Management LP boosted its holdings in Spectrum Brands by 38.4% in the first quarter. Callodine Capital Management LP now owns 730,000 shares of the company’s stock valued at $52,232,000 after acquiring an additional 202,500 shares during the last quarter. Finally, Armistice Capital LLC boosted its holdings in Spectrum Brands by 20.0% in the first quarter. Armistice Capital LLC now owns 691,000 shares of the company’s stock valued at $49,441,000 after acquiring an additional 115,143 shares during the last quarter.

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.