OLD National Bancorp IN lowered its position in Spectrum Brands Holdings Inc (NYSE:SPB) by 9.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 9,627 shares of the company’s stock after selling 1,006 shares during the period. OLD National Bancorp IN’s holdings in Spectrum Brands were worth $527,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Spectrum Brands by 115.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,759,477 shares of the company’s stock worth $280,909,000 after buying an additional 2,017,489 shares during the period. BlackRock Inc. increased its stake in Spectrum Brands by 3.1% in the 4th quarter. BlackRock Inc. now owns 1,829,064 shares of the company’s stock worth $77,278,000 after buying an additional 55,557 shares during the period. Wedge Capital Management L L P NC increased its stake in Spectrum Brands by 19.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 1,720,627 shares of the company’s stock worth $72,696,000 after buying an additional 275,130 shares during the period. Dimensional Fund Advisors LP increased its stake in Spectrum Brands by 13.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,068,658 shares of the company’s stock worth $45,152,000 after buying an additional 126,644 shares during the period. Finally, American Century Companies Inc. increased its stake in Spectrum Brands by 31.7% in the 4th quarter. American Century Companies Inc. now owns 745,568 shares of the company’s stock worth $31,500,000 after buying an additional 179,270 shares during the period.
Several research analysts recently commented on SPB shares. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $77.00 price target (up previously from $64.00) on shares of Spectrum Brands in a research note on Thursday, May 9th. Deutsche Bank raised their price target on shares of Spectrum Brands from $52.00 to $58.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Bank of America raised shares of Spectrum Brands from a “neutral” rating to a “buy” rating and raised their price target for the stock from $50.00 to $65.00 in a research note on Friday, January 18th. Zacks Investment Research raised shares of Spectrum Brands from a “strong sell” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Thursday, April 11th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $62.00 target price on shares of Spectrum Brands in a research report on Wednesday, May 8th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $62.15.
Spectrum Brands (NYSE:SPB) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.12). Spectrum Brands had a net margin of 24.97% and a return on equity of 6.03%. The firm had revenue of $906.70 million during the quarter, compared to the consensus estimate of $874.57 million. During the same quarter in the prior year, the business posted $0.49 earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities research analysts expect that Spectrum Brands Holdings Inc will post 2.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 14th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, May 13th. Spectrum Brands’s dividend payout ratio is currently 47.46%.
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About Spectrum Brands
Spectrum Brands Holdings, Inc operates as a branded consumer products company worldwide. The company's Hardware & Home Improvement segment offers hardware products under the National Hardware, Stanley, and FANAL brands; locksets and door hardware under the Kwikset, Weiser, Baldwin, EZSET, and Tell brands; and plumbing products under the Pfister brand.
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