Spectrum Brands (NYSE:SPB) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Spectrum Brands to “Buy” from “Hold,” though the broader analyst consensus remains “Hold” with a $98.83 price target.
• Spectrum Brands reported strong quarterly results, posting $2.79 EPS versus the $1.46 estimate and $753.3 million in revenue, up 7.7% year over year.
• The stock opened at $88.70, with its 52-week range spanning $49.99 to $99.06; several institutional investors recently increased or initiated positions.

Spectrum Brands (NYSE:SPB - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also weighed in on SPB. Canaccord Genuity Group lifted their price objective on shares of Spectrum Brands from $99.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Oppenheimer boosted their price target on shares of Spectrum Brands from $85.00 to $100.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Wells Fargo & Company lifted their price objective on shares of Spectrum Brands from $85.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $96.00 target price on shares of Spectrum Brands in a research note on Monday, August 10th. Finally, Royal Bank Of Canada downgraded Spectrum Brands from an "outperform" rating to a "sector perform" rating and raised their price target for the company from $85.00 to $92.00 in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $98.83.

Spectrum Brands Price Performance

Shares of NYSE SPB opened at $88.70 on Friday. Spectrum Brands has a fifty-two week low of $49.99 and a fifty-two week high of $99.06. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.61 and a current ratio of 2.41. The firm's 50-day simple moving average is $87.60 and its 200 day simple moving average is $81.99. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 2.79 and a beta of 0.65.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $1.33. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The firm had revenue of $753.30 million during the quarter, compared to analyst estimates of $732.19 million. During the same quarter in the prior year, the business posted $1.24 EPS. The business's revenue was up 7.7% compared to the same quarter last year. As a group, research analysts anticipate that Spectrum Brands will post 6.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spectrum Brands

Institutional investors have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC grew its stake in Spectrum Brands by 9.1% in the fourth quarter. Manning & Napier Advisors LLC now owns 300,000 shares of the company's stock worth $17,724,000 after purchasing an additional 25,000 shares during the period. Gamco Investors INC. ET AL boosted its holdings in shares of Spectrum Brands by 8.8% during the 4th quarter. Gamco Investors INC. ET AL now owns 354,082 shares of the company's stock valued at $20,919,000 after buying an additional 28,569 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Spectrum Brands by 2.9% during the 4th quarter. LSV Asset Management now owns 602,980 shares of the company's stock valued at $35,624,000 after buying an additional 17,100 shares in the last quarter. PEAK6 LLC purchased a new stake in shares of Spectrum Brands in the 2nd quarter worth about $2,955,000. Finally, Pacer Advisors Inc. bought a new position in shares of Spectrum Brands in the 4th quarter worth about $6,242,000.

About Spectrum Brands

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.

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