Canaccord Genuity Group Increases Spectrum Brands (NYSE:SPB) Price Target to $110.00

Key Points

• Canaccord Genuity Group raised Spectrum Brands’ price target to $110 from $99 and maintained a “buy” rating, implying 21.86% upside from the prior close.
• Analyst sentiment remains mixed: two analysts rate the stock a Buy and four rate it Hold, producing an overall “Hold” consensus and an average price target of $90.60.
• Spectrum Brands reported strong quarterly results, with EPS of $2.79 versus the $1.46 consensus and revenue of $753.3 million, up 7.7% year over year.

Spectrum Brands (NYSE:SPB - Get Free Report) had its target price raised by Canaccord Genuity Group from $99.00 to $110.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 21.86% from the stock's previous close.

Several other research analysts have also recently issued reports on the company. Wall Street Zen cut Spectrum Brands from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Weiss Ratings reissued a "hold (c+)" rating on shares of Spectrum Brands in a research report on Tuesday, July 21st. Royal Bank Of Canada lowered shares of Spectrum Brands from an "outperform" rating to a "sector perform" rating and set a $92.00 price target on the stock. in a research note on Monday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $81.00 price objective on shares of Spectrum Brands in a report on Friday, May 8th. Finally, Wells Fargo & Company upped their target price on shares of Spectrum Brands from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Spectrum Brands has an average rating of "Hold" and an average price target of $90.60.

Spectrum Brands Trading Up 0.2%

NYSE SPB opened at $90.27 on Monday. Spectrum Brands has a 52 week low of $49.99 and a 52 week high of $99.06. The firm has a 50 day moving average of $85.44 and a two-hundred day moving average of $79.33. The company has a quick ratio of 1.42, a current ratio of 2.29 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $2.08 billion, a PE ratio of 27.52, a price-to-earnings-growth ratio of 2.83 and a beta of 0.63.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $2.79 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $1.33. Spectrum Brands had a net margin of 2.76% and a return on equity of 9.99%. The firm had revenue of $753.30 million during the quarter, compared to the consensus estimate of $732.19 million. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The company's revenue was up 7.7% compared to the same quarter last year. As a group, research analysts expect that Spectrum Brands will post 5.32 EPS for the current fiscal year.

Insider Transactions at Spectrum Brands

In other news, CEO David M. Maura purchased 2,500 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were bought at an average price of $72.85 per share, with a total value of $182,125.00. Following the completion of the transaction, the chief executive officer directly owned 790,708 shares in the company, valued at approximately $57,603,077.80. This represents a 0.32% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Spectrum Brands

Several large investors have recently modified their holdings of SPB. Pzena Investment Management LLC acquired a new stake in shares of Spectrum Brands during the second quarter worth about $207,584,000. Northwestern Mutual Wealth Management Co. raised its stake in Spectrum Brands by 374,119.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company's stock valued at $129,779,000 after acquiring an additional 2,196,079 shares during the last quarter. BlackRock Inc. purchased a new stake in Spectrum Brands during the 2nd quarter valued at approximately $166,197,000. Alberta Investment Management Corp acquired a new stake in Spectrum Brands during the 2nd quarter worth approximately $46,353,000. Finally, Callodine Capital Management LP lifted its position in Spectrum Brands by 20.4% during the 4th quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company's stock worth $122,013,000 after acquiring an additional 350,261 shares during the period.

Spectrum Brands Company Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source