Spectrum Brands (NYSE:SPB) Hits New 52-Week High – Here’s What Happened

Shares of Spectrum Brands Holdings Inc. (NYSE:SPB) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $87.09 and last traded at $86.8650, with a volume of 89511 shares. The stock had previously closed at $83.47.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Canaccord Genuity Group reduced their target price on Spectrum Brands from $100.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $81.00 price target on shares of Spectrum Brands in a research note on Friday, May 8th. Wall Street Zen lowered Spectrum Brands from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Finally, Weiss Ratings upgraded shares of Spectrum Brands from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

Spectrum Brands Trading Down 0.5%

The stock has a 50-day moving average of $81.16 and a two-hundred day moving average of $73.62. The company has a market cap of $1.99 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 2.71 and a beta of 0.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.42 and a current ratio of 2.29.

Spectrum Brands (NYSE:SPB) last released its earnings results on Thursday, May 7th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.04 by $0.21. The business had revenue of $708.90 million for the quarter, compared to the consensus estimate of $676.45 million. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 earnings per share. On average, equities research analysts predict that Spectrum Brands Holdings Inc. will post 5.32 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 annualized dividend and a yield of 2.2%. Spectrum Brands’s payout ratio is 35.88%.

Insider Activity

In other news, CEO David M. Maura purchased 2,500 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the completion of the acquisition, the chief executive officer directly owned 790,708 shares in the company, valued at $57,603,077.80. This represents a 0.32% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Spectrum Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPB. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Spectrum Brands by 374,119.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock worth $129,779,000 after purchasing an additional 2,196,079 shares in the last quarter. Callodine Capital Management LP raised its position in Spectrum Brands by 26.7% in the 3rd quarter. Callodine Capital Management LP now owns 1,714,955 shares of the company’s stock worth $90,087,000 after buying an additional 360,898 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in Spectrum Brands during the 2nd quarter valued at about $15,409,000. American Century Companies Inc. grew its stake in shares of Spectrum Brands by 14.5% in the third quarter. American Century Companies Inc. now owns 2,052,850 shares of the company’s stock worth $107,836,000 after acquiring an additional 260,085 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Spectrum Brands by 71.2% during the second quarter. Qube Research & Technologies Ltd now owns 539,728 shares of the company’s stock valued at $28,606,000 after purchasing an additional 224,481 shares during the last quarter.

Spectrum Brands Company Profile

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.