Newell Brands Inc (NWL) Stake Raised by Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. lifted its position in Newell Brands Inc (NYSE:NWL) by 37.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 75,358 shares of the company’s stock after purchasing an additional 20,522 shares during the period. Oppenheimer & Co. Inc.’s holdings in Newell Brands were worth $2,329,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in shares of Newell Brands by 2.9% in the third quarter. American Century Companies Inc. now owns 7,946,423 shares of the company’s stock worth $339,074,000 after buying an additional 225,484 shares in the last quarter. First Manhattan Co. lifted its holdings in shares of Newell Brands by 12.1% in the third quarter. First Manhattan Co. now owns 3,649,938 shares of the company’s stock worth $155,742,000 after buying an additional 394,123 shares in the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Newell Brands by 7.0% in the third quarter. King Luther Capital Management Corp now owns 3,427,042 shares of the company’s stock worth $146,232,000 after buying an additional 224,036 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Newell Brands by 33.3% in the third quarter. Jennison Associates LLC now owns 3,103,400 shares of the company’s stock worth $132,422,000 after buying an additional 775,189 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Newell Brands by 2.9% in the third quarter. Bessemer Group Inc. now owns 3,028,535 shares of the company’s stock worth $129,228,000 after buying an additional 84,398 shares in the last quarter. 91.23% of the stock is currently owned by hedge funds and other institutional investors.
In other Newell Brands news, CEO Michael B. Polk purchased 7,000 shares of Newell Brands stock in a transaction on Monday, November 20th. The shares were acquired at an average cost of $28.22 per share, for a total transaction of $197,540.00. Following the completion of the transaction, the chief executive officer now directly owns 616,296 shares of the company’s stock, valued at $17,391,873.12. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.97% of the stock is owned by company insiders.
Newell Brands declared that its Board of Directors has approved a share repurchase plan on Thursday, November 2nd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. Newell Brands’s payout ratio is currently 35.52%.
A number of equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of Newell Brands from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday. Oppenheimer reissued a “hold” rating on shares of Newell Brands in a report on Tuesday, January 30th. FIX reissued a “hold” rating and issued a $23.00 price target on shares of Newell Brands in a report on Thursday, February 8th. BMO Capital Markets lowered their price target on shares of Newell Brands from $45.00 to $32.00 and set a “market perform” rating on the stock in a report on Tuesday, November 7th. Finally, Zacks Investment Research downgraded shares of Newell Brands from a “hold” rating to a “sell” rating in a report on Monday, January 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $39.18.
About Newell Brands
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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