Wells Fargo & Company Lowers Spectrum Brands (NYSE:SPB) Price Target to $60.00

Spectrum Brands (NYSE:SPB) had its price objective cut by research analysts at Wells Fargo & Company from $65.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.05% from the stock’s previous close.

A number of other brokerages have also recently commented on SPB. Monness Crespi & Hardt dropped their price target on Spectrum Brands from $106.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday, May 14th. Canaccord Genuity Group set a $77.00 price target on Spectrum Brands and gave the stock a “buy” rating in a research report on Wednesday, June 25th. Finally, UBS Group boosted their price target on Spectrum Brands from $76.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.17.

Spectrum Brands Stock Performance

Spectrum Brands stock opened at $56.58 on Wednesday. The stock’s 50 day simple moving average is $57.98 and its two-hundred day simple moving average is $69.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.40 and a current ratio of 2.34. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 27.07 and a beta of 0.90. Spectrum Brands has a fifty-two week low of $50.73 and a fifty-two week high of $96.62.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.67). The firm had revenue of $675.70 million for the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a net margin of 2.02% and a return on equity of 5.20%. The business’s revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 earnings per share. As a group, analysts expect that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Insider Transactions at Spectrum Brands

In related news, CEO David M. Maura sold 66,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $65.53, for a total value of $4,324,980.00. Following the transaction, the chief executive officer directly owned 723,607 shares of the company’s stock, valued at approximately $47,417,966.71. This represents a 8.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Spectrum Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC bought a new position in Spectrum Brands in the 4th quarter valued at approximately $50,000. Versant Capital Management Inc lifted its position in Spectrum Brands by 101.7% in the 1st quarter. Versant Capital Management Inc now owns 970 shares of the company’s stock valued at $69,000 after acquiring an additional 489 shares in the last quarter. New York State Teachers Retirement System purchased a new stake in Spectrum Brands during the 1st quarter valued at $118,000. Lazard Asset Management LLC lifted its holdings in shares of Spectrum Brands by 89.6% during the 4th quarter. Lazard Asset Management LLC now owns 1,464 shares of the company’s stock valued at $123,000 after buying an additional 692 shares during the period. Finally, Quarry LP bought a new position in shares of Spectrum Brands during the 1st quarter valued at $157,000.

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.