Spectrum Brands (NYSE:SPB) Price Target Raised to $110.00

Spectrum Brands (NYSE:SPB) had its price target raised by Canaccord Genuity Group from $99.00 to $110.00 in a report released on Monday, Marketbeat reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $81.00 target price on shares of Spectrum Brands in a research report on Friday, May 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Spectrum Brands in a research report on Tuesday, July 21st. Wall Street Zen lowered shares of Spectrum Brands from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Wells Fargo & Company lifted their price objective on Spectrum Brands from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada cut Spectrum Brands from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $85.00 to $92.00 in a report on Monday. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $98.83.

Spectrum Brands Trading Up 0.4%

Shares of SPB stock opened at $88.23 on Monday. Spectrum Brands has a 1-year low of $49.99 and a 1-year high of $99.06. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.77 and a beta of 0.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.29 and a quick ratio of 1.42. The stock has a 50 day simple moving average of $85.99 and a 200-day simple moving average of $79.84.

Spectrum Brands (NYSE:SPB) last released its quarterly earnings results on Friday, August 7th. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $1.33. The firm had revenue of $753.30 million for the quarter, compared to analysts’ expectations of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 9.99%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.24 EPS. On average, equities research analysts expect that Spectrum Brands will post 6.38 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, August 25th. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. Spectrum Brands’s payout ratio is presently 57.32%.

Insider Transactions at Spectrum Brands

In other Spectrum Brands news, CEO David M. Maura acquired 2,500 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the acquisition, the chief executive officer owned 790,708 shares in the company, valued at approximately $57,603,077.80. The trade was a 0.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Manning & Napier Advisors LLC lifted its position in Spectrum Brands by 9.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 300,000 shares of the company’s stock valued at $17,724,000 after buying an additional 25,000 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Spectrum Brands by 8.8% during the fourth quarter. Gamco Investors INC. ET AL now owns 354,082 shares of the company’s stock valued at $20,919,000 after acquiring an additional 28,569 shares during the last quarter. LSV Asset Management raised its stake in shares of Spectrum Brands by 2.9% in the 4th quarter. LSV Asset Management now owns 602,980 shares of the company’s stock valued at $35,624,000 after acquiring an additional 17,100 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Spectrum Brands in the 4th quarter worth approximately $6,242,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Spectrum Brands in the 1st quarter worth approximately $1,606,000.

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.