Wells Fargo & Company Has Lowered Expectations for Spectrum Brands (NYSE:SPB) Stock Price

Key Points

• Wells Fargo lowered Spectrum Brands’ price target from $90 to $85 while maintaining an “equal weight” rating, implying about 9.85% upside from the stock’s then-current price.
• Spectrum Brands shares fell 2.6% to $77.38, below their 50-day average of $87.04. Analysts overall hold a consensus “Hold” rating with an average price target of $98.
• The company exceeded quarterly expectations, reporting $2.79 in earnings per share versus the $1.46 consensus estimate and revenue of $753.3 million, up 7.7% year over year.

Spectrum Brands (NYSE:SPB - Get Free Report) had its target price decreased by equities researchers at Wells Fargo & Company from $90.00 to $85.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 9.85% from the stock's current price.

A number of other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $96.00 price target on shares of Spectrum Brands in a report on Monday, August 10th. Wall Street Zen upgraded Spectrum Brands from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Monness Crespi & Hardt upped their target price on Spectrum Brands from $86.00 to $105.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Canaccord Genuity Group increased their target price on Spectrum Brands from $99.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada downgraded shares of Spectrum Brands from an "outperform" rating to a "sector perform" rating and raised their price target for the stock 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 company. According to MarketBeat, Spectrum Brands currently has a consensus rating of "Hold" and an average price target of $98.00.

Spectrum Brands Stock Down 2.6%

Shares of SPB traded down $2.08 during mid-day trading on Monday, reaching $77.38. 17,467 shares of the stock traded hands, compared to its average volume of 359,725. The stock has a fifty day simple moving average of $87.04 and a 200 day simple moving average of $83.10. Spectrum Brands has a 12-month low of $49.99 and a 12-month high of $99.06. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 23.57, a P/E/G ratio of 2.78 and a beta of 0.78.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $2.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $1.33. The business had revenue of $753.30 million during the quarter, compared to analyst estimates of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The business's revenue was up 7.7% on a year-over-year basis. During the same period last year, the business earned $1.24 EPS. Sell-side analysts expect that Spectrum Brands will post 6.38 EPS for the current fiscal year.

Institutional Trading of Spectrum Brands

A number of institutional investors have recently made changes to their positions in the stock. Pzena Investment Management LLC acquired a new stake in shares of Spectrum Brands in the second quarter valued at $207,584,000. BlackRock Inc. bought a new stake in Spectrum Brands in the second quarter worth about $166,197,000. Alberta Investment Management Corp bought a new stake in Spectrum Brands in the second quarter worth about $46,353,000. Manning & Napier Advisors LLC acquired a new stake in Spectrum Brands in the 2nd quarter valued at about $26,496,000. Finally, Bank of America Corp DE acquired a new stake in Spectrum Brands in the 2nd quarter valued at about $24,742,000.

Spectrum Brands Company Profile

Spectrum Brands Holdings, Inc is a global consumer products company headquartered in Middleton, Wisconsin. The company develops, markets and distributes branded products for use in homes, gardens and by pet owners, selling through mass retailers, e-commerce channels, specialty stores and other retail outlets in North America and international markets.

Spectrum Brands' portfolio has historically included home and personal care products under brands such as Remington, Russell Hobbs, George Foreman and Black+Decker, as well as pet care products marketed under brands including Tetra, FURminator, Nature's Miracle and 8-in-1.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.