Spectrum Brands (NYSE:SPB) Shares Gap Up Following Strong Earnings

Shares of Spectrum Brands Holdings Inc. (NYSE:SPB) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $53.24, but opened at $59.03. Spectrum Brands shares last traded at $62.6740, with a volume of 108,561 shares changing hands.

The company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $1.70. Spectrum Brands had a return on equity of 5.27% and a net margin of 2.56%.The business had revenue of $733.50 million during the quarter, compared to analyst estimates of $738.57 million. During the same period last year, the company earned $0.97 EPS. Spectrum Brands’s revenue for the quarter was down 5.2% compared to the same quarter last year.

Spectrum Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 9th. Stockholders of record on Monday, November 24th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, November 24th. Spectrum Brands’s payout ratio is 70.15%.

Analyst Ratings Changes

SPB has been the topic of a number of recent analyst reports. Wall Street Zen lowered Spectrum Brands from a “hold” rating to a “sell” rating in a research report on Monday. Canaccord Genuity Group cut their price target on shares of Spectrum Brands from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Wells Fargo & Company lowered their target price on Spectrum Brands from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, September 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Spectrum Brands in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada set a $75.00 target price on shares of Spectrum Brands and gave the company an “outperform” rating in a research report on Monday, August 11th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spectrum Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.80.

Institutional Trading of Spectrum Brands

Several large investors have recently modified their holdings of SPB. HUB Investment Partners LLC acquired a new stake in shares of Spectrum Brands in the 3rd quarter valued at $202,000. Gamco Investors INC. ET AL increased its position in Spectrum Brands by 1.0% in the third quarter. Gamco Investors INC. ET AL now owns 325,513 shares of the company’s stock worth $17,099,000 after buying an additional 3,123 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. increased its stake in Spectrum Brands by 14.3% in the 3rd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 12,000 shares of the company’s stock worth $630,000 after acquiring an additional 1,500 shares during the last quarter. Rovida Advisors Inc. increased its stake in shares of Spectrum Brands by 1,140.4% in the third quarter. Rovida Advisors Inc. now owns 60,000 shares of the company’s stock worth $3,150,000 after buying an additional 55,163 shares during the period. Finally, Cresset Asset Management LLC purchased a new position in Spectrum Brands during the third quarter valued at $274,000.

Spectrum Brands Price Performance

The firm has a fifty day moving average of $53.63 and a 200 day moving average of $55.99. The company has a market capitalization of $1.52 billion, a P/E ratio of 23.40 and a beta of 0.82. The company has a current ratio of 2.42, a quick ratio of 1.50 and a debt-to-equity ratio of 0.35.

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.