CIBC Reaffirms “Buy” Rating for Spectrum Brands (SPB)

CIBC reaffirmed their buy rating on shares of Spectrum Brands (NYSE:SPB) in a research report released on Thursday. CIBC currently has a $14.50 price target on the stock.

SPB has been the subject of a number of other reports. Bank of America cut their target price on Spectrum Brands from $91.00 to $84.00 and set a hold rating for the company in a research note on Thursday, October 4th. Royal Bank of Canada dropped their price objective on Spectrum Brands to $75.00 and set an outperform rating for the company in a research note on Monday, November 26th. Wells Fargo & Co reaffirmed a hold rating and issued a $70.00 price objective on shares of Spectrum Brands in a research note on Thursday, November 15th. Zacks Investment Research raised Spectrum Brands from a strong sell rating to a hold rating in a research note on Thursday, November 22nd. Finally, ValuEngine downgraded Spectrum Brands from a buy rating to a hold rating in a research note on Wednesday, January 2nd. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Spectrum Brands has a consensus rating of Buy and a consensus target price of $78.32.

Spectrum Brands stock opened at $50.97 on Thursday. Spectrum Brands has a twelve month low of $40.54 and a twelve month high of $119.94. The company has a quick ratio of 2.11, a current ratio of 2.49 and a debt-to-equity ratio of 2.93. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 1.15 and a beta of 1.56.

Spectrum Brands (NYSE:SPB) last issued its earnings results on Wednesday, November 21st. The company reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.29). The business had revenue of $787.80 million for the quarter, compared to analysts’ expectations of $803.72 million. Spectrum Brands had a negative return on equity of 2.43% and a net margin of 23.26%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the company posted $1.35 earnings per share. As a group, research analysts forecast that Spectrum Brands will post 3.49 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 18th. Shareholders of record on Tuesday, November 27th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend was Monday, November 26th. Spectrum Brands’s payout ratio is 47.46%.

A number of institutional investors have recently added to or reduced their stakes in SPB. Schwab Charles Investment Management Inc. increased its position in Spectrum Brands by 12.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 132,648 shares of the company’s stock worth $10,827,000 after buying an additional 14,781 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Spectrum Brands by 16.2% during the second quarter. PNC Financial Services Group Inc. now owns 5,196 shares of the company’s stock worth $423,000 after purchasing an additional 725 shares during the last quarter. FMR LLC boosted its holdings in shares of Spectrum Brands by 149.0% during the second quarter. FMR LLC now owns 6,340,757 shares of the company’s stock worth $517,533,000 after purchasing an additional 3,793,831 shares during the last quarter. BlueMountain Capital Management LLC acquired a new stake in shares of Spectrum Brands during the second quarter worth $1,085,000. Finally, Laurion Capital Management LP acquired a new stake in shares of Spectrum Brands during the second quarter worth $269,000. 95.61% of the stock is owned by institutional investors.

Spectrum Brands Company Profile

Spectrum Brands Holdings, Inc, through its subsidiaries, operates as a branded consumer products company that manufactures, markets, and distributes branded consumer products. It supplies consumer batteries, residential locksets, residential builders' hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, personal insect repellents, and auto care products, as well as lawn and garden, and home pest control products.

Further Reading: Cost of Equity

Analyst Recommendations for Spectrum Brands (NYSE:SPB)

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