Spectrum Brands (NYSE:SPB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Spectrum Brands (NYSE:SPB) from a hold rating to a buy rating in a report issued on Saturday,Wall Street Zen reports.

A number of other research analysts have also weighed in on SPB. Canaccord Genuity Group raised their target price on shares of Spectrum Brands from $99.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $96.00 price target on shares of Spectrum Brands in a research report on Monday, August 10th. Monness Crespi & Hardt lifted their price objective on Spectrum Brands from $86.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Oppenheimer boosted their price objective on Spectrum Brands from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Finally, Wells Fargo & Company upped their target price on Spectrum Brands from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $98.83.

Spectrum Brands Trading Up 0.2%

Shares of SPB stock opened at $88.70 on Friday. Spectrum Brands has a fifty-two week low of $49.99 and a fifty-two week high of $99.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.61 and a current ratio of 2.41. The stock’s fifty day moving average is $87.67 and its two-hundred day moving average is $82.11. The firm has a market capitalization of $2.04 billion, a P/E ratio of 27.04, a PEG ratio of 2.79 and a beta of 0.65.

Spectrum Brands (NYSE:SPB) last released its earnings results on Friday, August 7th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $1.33. The business had revenue of $753.30 million during the quarter, compared to analyst estimates of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.24 earnings per share. Research analysts expect that Spectrum Brands will post 6.38 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

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

Institutional Investors Weigh In On Spectrum Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LP lifted its stake in shares of Spectrum Brands by 8.6% in the 2nd quarter. Corient Private Wealth LP now owns 26,002 shares of the company’s stock valued at $2,230,000 after purchasing an additional 2,064 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Spectrum Brands by 8,295.6% during the 2nd quarter. California State Teachers Retirement System now owns 2,122,313 shares of the company’s stock worth $181,988,000 after purchasing an additional 2,097,034 shares during the last quarter. Syon Capital LLC raised its holdings in Spectrum Brands by 2.7% in the 2nd quarter. Syon Capital LLC now owns 8,113 shares of the company’s stock valued at $696,000 after buying an additional 210 shares during the period. Nykredit A S purchased a new stake in Spectrum Brands in the 2nd quarter valued at about $102,000. Finally, Proficio Capital Partners LLC acquired a new position in Spectrum Brands in the second quarter valued at about $202,000.

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.