Canaccord Genuity Group Lowers Spectrum Brands (NYSE:SPB) Price Target to $77.00

Spectrum Brands (NYSE:SPB - Get Free Report) had its price target dropped by investment analysts at Canaccord Genuity Group from $89.00 to $77.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 47.44% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company reduced their price target on shares of Spectrum Brands from $75.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. UBS Group upped their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Monness Crespi & Hardt lowered their price target on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $85.00.

Spectrum Brands Price Performance

Shares of SPB traded down $0.17 on Wednesday, hitting $52.23. The company's stock had a trading volume of 53,224 shares, compared to its average volume of 423,776. The company has a market capitalization of $1.31 billion, a PE ratio of 25.00 and a beta of 0.93. Spectrum Brands has a fifty-two week low of $50.73 and a fifty-two week high of $96.62. The company has a 50 day moving average price of $59.11 and a 200 day moving average price of $71.55. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.34 and a quick ratio of 1.40.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.67). The business had revenue of $675.70 million during the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a net margin of 2.02% and a return on equity of 5.20%. The company's revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 EPS. On average, research analysts anticipate that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO David M. Maura sold 5,180 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $63.77, for a total transaction of $330,328.60. Following the completion of the sale, the chief executive officer now directly owns 718,427 shares of the company's stock, valued at $45,814,089.79. The trade was a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.60% of the company's stock.

Hedge Funds Weigh In On Spectrum Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its stake in shares of Spectrum Brands by 1.7% in the 4th quarter. Pzena Investment Management LLC now owns 1,333,345 shares of the company's stock valued at $112,654,000 after purchasing an additional 22,484 shares during the period. American Century Companies Inc. increased its holdings in Spectrum Brands by 7.5% in the first quarter. American Century Companies Inc. now owns 1,319,420 shares of the company's stock valued at $94,405,000 after purchasing an additional 92,418 shares during the last quarter. Alberta Investment Management Corp lifted its stake in Spectrum Brands by 33.1% in the first quarter. Alberta Investment Management Corp now owns 750,029 shares of the company's stock valued at $53,665,000 after buying an additional 186,729 shares during the period. Callodine Capital Management LP boosted its holdings in Spectrum Brands by 38.4% during the first quarter. Callodine Capital Management LP now owns 730,000 shares of the company's stock worth $52,232,000 after buying an additional 202,500 shares during the last quarter. Finally, Armistice Capital LLC grew its position in shares of Spectrum Brands by 20.0% during the 1st quarter. Armistice Capital LLC now owns 691,000 shares of the company's stock worth $49,441,000 after buying an additional 115,143 shares during the period.

About Spectrum Brands

Spectrum Brands Holdings, Inc operates as a branded consumer products and home essentials company in North America, Europe, the Middle East, Africa, and Asia-Pacific regions. It operates through three segments: Home and Personal Care; Global Pet Care; and Home and Garden. The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, PowerXL, Emeril Legasse, Copper Chef, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington brand.

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