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%.

SPB has been the topic of several research analyst reports. BMO Capital Markets set a $85.00 price objective on Spectrum Brands and gave the company an “outperform” rating in a research report on Tuesday. Wells Fargo & Co reaffirmed a “market perform” rating and issued a $50.00 price objective (down previously from $70.00) on shares of Spectrum Brands in a research report on Tuesday. Monness Crespi & Hardt cut their price objective on Spectrum Brands from $103.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday. Raymond James downgraded Spectrum Brands from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Finally, Deutsche Bank downgraded Spectrum Brands from a “buy” rating to a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. Spectrum Brands presently has an average rating of “Hold” and a consensus price target of $106.90.

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.

WARNING: “Spectrum Brands (SPB) Shares Gap Down After Earnings Miss” was posted by Daily Political and is owned by of Daily Political. If you are viewing this story on another website, it was copied illegally and republished in violation of United States & international copyright and trademark law. The correct version of this story can be accessed at https://www.dailypolitical.com/2018/11/20/spectrum-brands-spb-shares-gap-down-after-earnings-miss.html.

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.

Featured Story: Short Selling – Explanation For Shorting Stocks

Receive News & Ratings for Spectrum Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spectrum Brands and related companies with MarketBeat.com's FREE daily email newsletter.