Newell Brands Inc. (NWL) Short Interest Update
Newell Brands Inc. (NYSE:NWL) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 23,764,792 shares, an increase of 16.4% from the November 15th total of 20,420,164 shares. Based on an average daily trading volume, of 7,915,135 shares, the days-to-cover ratio is currently 3.0 days. Approximately 4.9% of the shares of the company are sold short.
A number of research firms have recently weighed in on NWL. Morgan Stanley cut their target price on Newell Brands from $54.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. Royal Bank of Canada reiterated a “top pick” rating and set a $60.00 target price on shares of Newell Brands in a research report on Tuesday, August 29th. TheStreet downgraded Newell Brands from a “b-” rating to a “c+” rating in a research report on Tuesday, November 14th. Zacks Investment Research downgraded Newell Brands from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. Finally, Forward View reiterated a “buy” rating and set a $35.00 target price on shares of Newell Brands in a research report on Sunday, November 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $46.73.
Shares of Newell Brands (NYSE NWL) opened at $30.59 on Friday. The company has a current ratio of 1.46, a quick ratio of 0.86 and a debt-to-equity ratio of 0.80. Newell Brands has a 1 year low of $27.45 and a 1 year high of $55.08. The firm has a market capitalization of $15,050.00, a price-to-earnings ratio of 10.62, a P/E/G ratio of 1.23 and a beta of 1.10.
Newell Brands announced that its Board of Directors has authorized a stock repurchase program on Tuesday, September 26th that allows the company to buyback $256.00 million in shares. This buyback authorization allows the company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, November 29th. This represents a $0.92 annualized dividend and a dividend yield of 3.01%. Newell Brands’s dividend payout ratio is currently 35.52%.
In other news, CEO Michael B. Polk acquired 7,000 shares of the firm’s stock in a transaction on Monday, November 20th. The shares were purchased at an average cost of $28.22 per share, with a total value of $197,540.00. Following the acquisition, the chief executive officer now directly owns 616,296 shares in the company, valued at approximately $17,391,873.12. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.97% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Newell Brands by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 47,877,545 shares of the company’s stock worth $2,567,193,000 after buying an additional 1,305,820 shares during the last quarter. Capital World Investors lifted its position in shares of Newell Brands by 2.0% during the 2nd quarter. Capital World Investors now owns 31,195,887 shares of the company’s stock worth $1,672,723,000 after buying an additional 610,973 shares during the last quarter. BlackRock Inc. lifted its position in shares of Newell Brands by 1.8% during the 2nd quarter. BlackRock Inc. now owns 30,518,491 shares of the company’s stock worth $1,636,402,000 after buying an additional 543,779 shares during the last quarter. FMR LLC lifted its position in shares of Newell Brands by 0.5% during the 2nd quarter. FMR LLC now owns 11,462,512 shares of the company’s stock worth $614,621,000 after buying an additional 52,553 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Newell Brands by 2.9% in the 3rd quarter. American Century Companies Inc. now owns 7,946,423 shares of the company’s stock worth $339,074,000 after purchasing an additional 225,484 shares in the last quarter. Institutional investors and hedge funds own 94.40% of the company’s stock.
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Newell Brands Company Profile
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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