Rhumbline Advisers Sells 2,917 Shares of Spectrum Brands Holdings, Inc. (NYSE:SPB)

Rhumbline Advisers reduced its stake in shares of Spectrum Brands Holdings, Inc. (NYSE:SPB) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,689 shares of the company’s stock after selling 2,917 shares during the period. Rhumbline Advisers owned 0.12% of Spectrum Brands worth $2,809,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SPB. LSV Asset Management increased its stake in shares of Spectrum Brands by 68.9% in the first quarter. LSV Asset Management now owns 745,680 shares of the company’s stock worth $66,373,000 after purchasing an additional 304,217 shares in the last quarter. Norges Bank purchased a new position in shares of Spectrum Brands in the fourth quarter valued at about $20,652,000. Pzena Investment Management LLC grew its position in shares of Spectrum Brands by 21.7% during the first quarter. Pzena Investment Management LLC now owns 1,315,483 shares of the company’s stock worth $117,091,000 after purchasing an additional 234,784 shares in the last quarter. Confluence Investment Management LLC bought a new stake in Spectrum Brands during the 1st quarter valued at approximately $12,814,000. Finally, Gabelli Funds LLC lifted its holdings in Spectrum Brands by 217.7% in the 1st quarter. Gabelli Funds LLC now owns 165,594 shares of the company’s stock worth $14,740,000 after purchasing an additional 113,470 shares in the last quarter.

Wall Street Analyst Weigh In

SPB has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Spectrum Brands from $91.00 to $94.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $114.00 target price on shares of Spectrum Brands in a report on Friday, June 7th. UBS Group increased their price target on Spectrum Brands from $111.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Canaccord Genuity Group decreased their price objective on Spectrum Brands from $92.00 to $90.00 and set a “hold” rating on the stock in a report on Monday, July 1st. Finally, Wells Fargo & Company raised their target price on shares of Spectrum Brands from $87.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $101.88.

Spectrum Brands Stock Performance

Spectrum Brands stock opened at $91.81 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.28 and a quick ratio of 1.61. The firm has a market capitalization of $2.57 billion, a P/E ratio of 1.86, a price-to-earnings-growth ratio of 0.33 and a beta of 1.22. Spectrum Brands Holdings, Inc. has a 1-year low of $65.27 and a 1-year high of $96.74. The company’s 50-day moving average is $88.36 and its 200 day moving average is $87.06.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings data on Thursday, August 8th. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.25). Spectrum Brands had a net margin of 3.86% and a return on equity of 6.84%. The business had revenue of $779.40 million for the quarter, compared to analysts’ expectations of $750.97 million. During the same quarter in the previous year, the firm earned $0.75 EPS. Spectrum Brands’s revenue was up 6.0% compared to the same quarter last year. Research analysts forecast that Spectrum Brands Holdings, Inc. will post 4.78 EPS for the current year.

Spectrum Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 24th. Stockholders of record on Tuesday, August 27th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Tuesday, August 27th. Spectrum Brands’s dividend payout ratio is presently 3.40%.

Spectrum Brands Company Profile

Spectrum Brands Holdings, Inc operates as a branded consumer products and home essentials company in North America, Europe, the Middle East, Africa, and Asia-Pacific regions. It operates through three segments: Home and Personal Care; Global Pet Care; and Home and Garden. The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, PowerXL, Emeril Legasse, Copper Chef, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington brand.