Spectrum Brands (SPB) Shares Gap Down After Earnings Miss
Spectrum Brands Holdings Inc (NYSE:SPB) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $48.61, but opened at $48.05. Spectrum Brands shares last traded at $50.13, with a volume of 63071 shares.
The company reported $0.79 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.29). The company had revenue of $787.80 million for the quarter, compared to the consensus estimate of $803.72 million. Spectrum Brands had a net margin of 22.32% and a negative return on equity of 4.00%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.35 EPS.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 18th. Stockholders of record on Tuesday, November 27th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, November 26th. Spectrum Brands’s dividend payout ratio is currently -270.97%.
A number of institutional investors have recently made changes to their positions in SPB. FMR LLC lifted its holdings in shares of Spectrum Brands by 149.0% in the 2nd quarter. FMR LLC now owns 6,340,757 shares of the company’s stock worth $517,533,000 after buying an additional 3,793,831 shares during the period. Wedge Capital Management L L P NC purchased a new stake in shares of Spectrum Brands in the 2nd quarter worth $107,639,000. Schroder Investment Management Group lifted its holdings in shares of Spectrum Brands by 171.2% in the 2nd quarter. Schroder Investment Management Group now owns 2,053,842 shares of the company’s stock worth $106,533,000 after buying an additional 1,296,429 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Spectrum Brands in the 2nd quarter worth $84,265,000. Finally, BlackRock Inc. lifted its holdings in shares of Spectrum Brands by 95.2% in the 3rd quarter. BlackRock Inc. now owns 1,773,507 shares of the company’s stock worth $132,517,000 after buying an additional 865,154 shares during the period.
The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -79.44, a price-to-earnings-growth ratio of 1.80 and a beta of 1.66. The company has a quick ratio of 2.68, a current ratio of 3.14 and a debt-to-equity ratio of 3.07.
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Spectrum Brands Company Profile (NYSE:SPB)
Spectrum Brands Holdings, Inc, through its subsidiaries, operates as a branded consumer products company that manufactures, markets, and distributes branded consumer products. It supplies consumer batteries, residential locksets, residential builders' hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, personal insect repellents, and auto care products, as well as lawn and garden, and home pest control products.
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