176,090 Spectrum Brands Holdings Inc. $SPB Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its Spectrum Brands stake by 7.3%, selling 176,090 shares in the third quarter. It retained 2.24 million shares, worth about $178.5 million, or roughly 9.76% of the company.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $97.86; four analysts rated the stock Buy and four rated it Hold.
• Spectrum Brands reported quarterly EPS of $2.79, well above the $1.46 estimate, while revenue rose 7.7% year over year to $753.3 million. Its shares opened at $91.45, up 7.6% as reported.

Pzena Investment Management LLC reduced its position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,244,718 shares of the company's stock after selling 176,090 shares during the quarter. Pzena Investment Management LLC owned approximately 9.76% of Spectrum Brands worth $178,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Spectrum Brands in the 2nd quarter worth $166,197,000. Alberta Investment Management Corp bought a new stake in Spectrum Brands during the second quarter valued at about $46,353,000. Manning & Napier Advisors LLC purchased a new position in shares of Spectrum Brands in the second quarter valued at about $26,496,000. Bank of America Corp DE purchased a new position in shares of Spectrum Brands in the second quarter valued at about $24,742,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Spectrum Brands in the second quarter valued at about $20,260,000.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen upgraded Spectrum Brands from a "hold" rating to a "buy" rating in a research report on Saturday, September 5th. Weiss Ratings cut Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Wells Fargo & Company dropped their price target on Spectrum Brands from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Monday, October 5th. Monness Crespi & Hardt increased their price objective on shares of Spectrum Brands from $86.00 to $105.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, UBS Group started coverage on shares of Spectrum Brands in a report on Thursday, October 15th. They set a "buy" rating and a $97.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Spectrum Brands has an average rating of "Moderate Buy" and a consensus target price of $97.86.

Spectrum Brands Stock Up 7.6%

SPB opened at $91.45 on Thursday. The company has a market capitalization of $2.10 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 3.04 and a beta of 0.81. The firm has a 50-day simple moving average of $82.97 and a two-hundred day simple moving average of $80.68. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. Spectrum Brands Holdings Inc. has a 52 week low of $51.41 and a 52 week high of $99.06.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued 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. The firm had revenue of $753.30 million for the quarter, compared to analysts' expectations of $732.19 million. Spectrum Brands had a return on equity of 10.06% and a net margin of 2.76%. The business's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 earnings per share. Analysts forecast that Spectrum Brands Holdings Inc. will post 6.39 earnings per share for the current fiscal year.

Spectrum Brands Profile

Spectrum Brands Holdings, Inc NYSE: SPB is a consumer products company that develops, markets and distributes branded products for households and pets. The company sells its products through retailers, e-commerce channels and other distribution partners in the United States and international markets.

Spectrum Brands' Home and Personal Care portfolio includes small household appliances, personal-care products and related accessories sold under brands such as Remington, Russell Hobbs, George Foreman and Farberware.

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