Scopus Asset Management L.P. reduced its stake in shares of Spectrum Brands Holdings, Inc. (NYSE:SPB) by 7.4% during the first quarter, Holdings Channel.com reports. The firm owned 1,250,000 shares of the company’s stock after selling 100,000 shares during the period. Spectrum Brands accounts for about 1.3% of Scopus Asset Management L.P.’s portfolio, making the stock its 9th biggest position. Scopus Asset Management L.P.’s holdings in Spectrum Brands were worth $106,250,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of SPB. Eaton Vance Management bought a new stake in Spectrum Brands during the first quarter worth approximately $29,000. Oakworth Capital Inc. acquired a new stake in shares of Spectrum Brands during the 1st quarter valued at $40,000. Lazard Asset Management LLC bought a new stake in shares of Spectrum Brands during the 4th quarter worth $51,000. Captrust Financial Advisors grew its holdings in shares of Spectrum Brands by 344.7% in the 1st quarter. Captrust Financial Advisors now owns 756 shares of the company’s stock worth $64,000 after acquiring an additional 586 shares during the last quarter. Finally, Safeguard Investment Advisory Group LLC acquired a new stake in shares of Spectrum Brands during the fourth quarter worth $70,000. 92.85% of the stock is owned by institutional investors and hedge funds.
SPB has been the topic of several research reports. Monness Crespi & Hardt upped their price objective on shares of Spectrum Brands from $100.00 to $113.00 and gave the company a “buy” rating in a research note on Monday, May 10th. Wells Fargo & Company boosted their price target on shares of Spectrum Brands from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Monday, May 10th. Zacks Investment Research lowered Spectrum Brands from a “strong-buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their target price on Spectrum Brands from $104.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 17th. Finally, UBS Group started coverage on Spectrum Brands in a report on Wednesday, June 23rd. They set a “buy” rating and a $102.00 price target for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $88.75.
Spectrum Brands (NYSE:SPB) last released its earnings results on Thursday, May 6th. The company reported $1.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.77. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.03 billion. Spectrum Brands had a net margin of 6.72% and a return on equity of 20.92%. The business’s revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. On average, research analysts anticipate that Spectrum Brands Holdings, Inc. will post 6.3 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Thursday, May 20th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Wednesday, May 19th. Spectrum Brands’s dividend payout ratio (DPR) is currently 40.98%.
Spectrum Brands Profile
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 and FANAL brands; locksets and door hardware under the Kwikset, Weiser, Baldwin, EZSET, and Tell Manufacturing brands; and plumbing products under the Pfister brand.
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