Wells Fargo & Company Cuts Spectrum Brands (NYSE:SPB) Price Target to $88.00

Spectrum Brands (NYSE:SPB) had its target price lowered by Wells Fargo & Company from $92.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Separately, Canaccord Genuity Group increased their price target on Spectrum Brands from $91.00 to $94.00 and gave the company a “hold” rating in a research note on Monday, November 18th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $102.13.

Spectrum Brands Trading Up 0.8 %

Shares of SPB opened at $84.62 on Tuesday. The firm has a market cap of $2.37 billion, a P/E ratio of 20.74, a price-to-earnings-growth ratio of 1.58 and a beta of 1.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.30 and a quick ratio of 1.62. Spectrum Brands has a 1 year low of $75.50 and a 1 year high of $96.74. The company has a 50 day simple moving average of $89.43 and a two-hundred day simple moving average of $89.09.

Spectrum Brands (NYSE:SPB) last posted its earnings results on Friday, November 15th. The company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.16). Spectrum Brands had a net margin of 4.21% and a return on equity of 6.16%. The company had revenue of $773.70 million for the quarter, compared to analysts’ expectations of $747.80 million. During the same period in the previous year, the business posted $1.36 earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. On average, equities analysts expect that Spectrum Brands will post 5.25 earnings per share for the current fiscal year.

Spectrum Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, November 26th were paid a dividend of $0.47 per share. This is a boost from Spectrum Brands’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.22%. The ex-dividend date was Tuesday, November 26th. Spectrum Brands’s payout ratio is presently 46.08%.

Hedge Funds Weigh In On Spectrum Brands

Institutional investors and hedge funds have recently modified their holdings of the stock. Citigroup Inc. lifted its position in Spectrum Brands by 15.9% in the third quarter. Citigroup Inc. now owns 41,048 shares of the company’s stock worth $3,905,000 after buying an additional 5,641 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Spectrum Brands during the 2nd quarter worth about $3,119,000. Bank of Montreal Can grew its holdings in Spectrum Brands by 2,542.3% during the 2nd quarter. Bank of Montreal Can now owns 117,795 shares of the company’s stock valued at $10,862,000 after purchasing an additional 113,337 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Spectrum Brands during the 2nd quarter valued at about $630,000. Finally, Everence Capital Management Inc. bought a new stake in Spectrum Brands in the fourth quarter worth about $553,000.

About Spectrum Brands

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.