Redwood Investment Management LLC Sells 1,695 Shares of Spectrum Brands Holdings, Inc. (NYSE:SPB)

Redwood Investment Management LLC lowered its stake in Spectrum Brands Holdings, Inc. (NYSE:SPB) by 2.6% during the fourth quarter, Holdings Channel reports. The firm owned 64,141 shares of the company’s stock after selling 1,695 shares during the period. Spectrum Brands makes up approximately 0.5% of Redwood Investment Management LLC’s investment portfolio, making the stock its 23rd biggest position. Redwood Investment Management LLC’s holdings in Spectrum Brands were worth $5,419,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC acquired a new stake in Spectrum Brands during the fourth quarter worth about $50,000. Blue Trust Inc. lifted its holdings in shares of Spectrum Brands by 46.5% during the 4th quarter. Blue Trust Inc. now owns 1,182 shares of the company’s stock worth $100,000 after acquiring an additional 375 shares during the period. KBC Group NV boosted its position in shares of Spectrum Brands by 46.3% during the 4th quarter. KBC Group NV now owns 1,233 shares of the company’s stock worth $104,000 after acquiring an additional 390 shares in the last quarter. Lazard Asset Management LLC increased its stake in Spectrum Brands by 89.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,464 shares of the company’s stock valued at $123,000 after acquiring an additional 692 shares during the last quarter. Finally, Summit Trail Advisors LLC acquired a new position in Spectrum Brands during the fourth quarter valued at approximately $237,000.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPB. UBS Group upped their target price on Spectrum Brands from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Monness Crespi & Hardt dropped their price objective on Spectrum Brands from $106.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday. Canaccord Genuity Group upgraded Spectrum Brands from a “hold” rating to a “buy” rating and lifted their target price for the company from $94.00 to $102.00 in a research report on Friday, February 7th. Wells Fargo & Company lowered their target price on Spectrum Brands from $75.00 to $65.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada decreased their price target on shares of Spectrum Brands from $114.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Spectrum Brands has an average rating of “Moderate Buy” and an average price target of $89.17.

Spectrum Brands Trading Down 3.1%

Shares of SPB stock opened at $64.98 on Thursday. Spectrum Brands Holdings, Inc. has a twelve month low of $56.50 and a twelve month high of $96.62. The stock’s fifty day simple moving average is $65.53 and its 200 day simple moving average is $78.74. The company has a quick ratio of 1.53, a current ratio of 2.40 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $1.71 billion, a P/E ratio of 15.97, a P/E/G ratio of 1.70 and a beta of 1.00.

Spectrum Brands (NYSE:SPB) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.67). Spectrum Brands had a net margin of 4.01% and a return on equity of 6.44%. The firm had revenue of $675.70 million for the quarter, compared to analyst estimates of $701.00 million. During the same period in the previous year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. As a group, sell-side analysts predict that Spectrum Brands Holdings, Inc. will post 5.06 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Tuesday, May 27th. Spectrum Brands’s payout ratio is 89.95%.

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.