Canaccord Genuity Group Cuts Spectrum Brands (NYSE:SPB) Price Target to $90.00

Spectrum Brands (NYSE:SPB) had its price objective reduced by Canaccord Genuity Group from $92.00 to $90.00 in a research report report published on Monday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other brokerages have also commented on SPB. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spectrum Brands from $85.00 to $91.00 and gave the stock a hold rating in a report on Friday, May 10th. Oppenheimer boosted their price objective on shares of Spectrum Brands from $88.00 to $115.00 and gave the stock an outperform rating in a report on Friday, May 10th. Wells Fargo & Company boosted their price objective on shares of Spectrum Brands from $85.00 to $95.00 and gave the stock an equal weight rating in a report on Friday, May 10th. Royal Bank of Canada reiterated an outperform rating and issued a $114.00 price objective on shares of Spectrum Brands in a report on Friday, June 7th. Finally, Monness Crespi & Hardt upped their target price on shares of Spectrum Brands from $98.00 to $106.00 and gave the company a buy rating in a research note on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Spectrum Brands currently has a consensus rating of Hold and an average target price of $99.57.

Spectrum Brands Stock Performance

NYSE:SPB opened at $85.09 on Monday. The company has a current ratio of 3.73, a quick ratio of 3.05 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 1.72, a PEG ratio of 0.37 and a beta of 1.19. The firm’s fifty day simple moving average is $88.84 and its 200 day simple moving average is $84.13. Spectrum Brands has a twelve month low of $65.27 and a twelve month high of $96.74.

Spectrum Brands (NYSE:SPB) last issued its quarterly earnings data on Thursday, May 9th. The company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $1.13. Spectrum Brands had a net margin of 68.11% and a return on equity of 6.43%. The firm had revenue of $718.50 million for the quarter, compared to analyst estimates of $708.54 million. During the same quarter in the previous year, the business posted ($0.14) EPS. The firm’s revenue was down 1.5% compared to the same quarter last year. As a group, equities research analysts expect that Spectrum Brands will post 4.68 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Tuesday, May 28th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Friday, May 24th. Spectrum Brands’s dividend payout ratio is presently 3.40%.

Institutional Investors Weigh In On Spectrum Brands

A number of institutional investors have recently modified their holdings of the business. LSV Asset Management bought a new position in Spectrum Brands in the 4th quarter worth about $35,216,000. AQR Capital Management LLC lifted its stake in shares of Spectrum Brands by 1,376.7% in the 3rd quarter. AQR Capital Management LLC now owns 320,091 shares of the company’s stock worth $25,079,000 after acquiring an additional 298,415 shares during the period. Norges Bank acquired a new stake in shares of Spectrum Brands in the 4th quarter worth approximately $20,652,000. Pzena Investment Management LLC lifted its stake in shares of Spectrum Brands by 21.7% in the 1st quarter. Pzena Investment Management LLC now owns 1,315,483 shares of the company’s stock worth $117,091,000 after acquiring an additional 234,784 shares during the period. Finally, Confluence Investment Management LLC acquired a new stake in shares of Spectrum Brands in the 1st quarter worth approximately $12,814,000.

About Spectrum Brands

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.