Spectrum Brands (NYSE:SPB) Reaches New 52-Week High – Here’s Why

Spectrum Brands Holdings Inc. (NYSE:SPBGet Free Report)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $91.42 and last traded at $90.24, with a volume of 10232 shares changing hands. The stock had previously closed at $88.81.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPB. Weiss Ratings reissued a “hold (c+)” rating on shares of Spectrum Brands in a research report on Tuesday, July 21st. Wells Fargo & Company boosted their target price on Spectrum Brands from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $81.00 target price on shares of Spectrum Brands in a research note on Friday, May 8th. Wall Street Zen downgraded Spectrum Brands from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Canaccord Genuity Group decreased their price target on Spectrum Brands from $100.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, June 17th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $87.00.

Read Our Latest Analysis on SPB

Spectrum Brands Stock Up 2.2%

The stock has a market cap of $2.09 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 2.79 and a beta of 0.64. The business has a fifty day moving average of $83.57 and a 200-day moving average of $77.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.29 and a quick ratio of 1.42.

Spectrum Brands (NYSE:SPBGet Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.04 by $0.21. The company had revenue of $708.90 million for the quarter, compared to the consensus estimate of $676.45 million. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.Spectrum Brands’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. Equities research analysts anticipate that Spectrum Brands Holdings Inc. will post 5.32 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Spectrum Brands’s dividend payout ratio is presently 35.88%.

Insider Activity at Spectrum Brands

In other news, CEO David M. Maura purchased 2,500 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the completion of the purchase, the chief executive officer owned 790,708 shares in the company, valued at approximately $57,603,077.80. This represents a 0.32% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amundi bought a new stake in shares of Spectrum Brands in the 1st quarter valued at about $176,000. Millennium Management LLC boosted its stake in shares of Spectrum Brands by 64.7% during the first quarter. Millennium Management LLC now owns 166,496 shares of the company’s stock valued at $11,913,000 after purchasing an additional 65,424 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Spectrum Brands by 173.0% during the first quarter. NewEdge Advisors LLC now owns 5,389 shares of the company’s stock valued at $386,000 after purchasing an additional 3,415 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Spectrum Brands by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 393,084 shares of the company’s stock valued at $28,125,000 after purchasing an additional 114,143 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Spectrum Brands by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 111,571 shares of the company’s stock valued at $7,983,000 after buying an additional 6,321 shares during the period.

About Spectrum Brands

(Get Free Report)

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.

Further Reading

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