Alberta Investment Management Corp Takes Position in Spectrum Brands Holdings Inc. $SPB

Key Points

• Alberta Investment Management Corp bought 540,556 shares of Spectrum Brands valued at approximately $46.4 million, giving it a 2.35% stake. Several other institutional investors also increased their positions.
• Spectrum Brands reported quarterly EPS of $2.79, well above the $1.46 consensus estimate, while revenue rose 7.7% year over year to $753.3 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $98.83. The company declared a quarterly dividend of $0.47 per share, representing a 2.1% yield.

Alberta Investment Management Corp purchased a new position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 540,556 shares of the company's stock, valued at approximately $46,353,000. Alberta Investment Management Corp owned about 2.35% of Spectrum Brands at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Amundi purchased a new position in Spectrum Brands in the first quarter worth about $176,000. Millennium Management LLC increased its position in shares of Spectrum Brands by 64.7% during the 1st quarter. Millennium Management LLC now owns 166,496 shares of the company's stock valued at $11,913,000 after purchasing an additional 65,424 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Spectrum Brands by 173.0% in the 1st quarter. NewEdge Advisors LLC now owns 5,389 shares of the company's stock worth $386,000 after purchasing an additional 3,415 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Spectrum Brands by 40.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 393,084 shares of the company's stock worth $28,125,000 after purchasing an additional 114,143 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Spectrum Brands by 6.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 111,571 shares of the company's stock worth $7,983,000 after buying an additional 6,321 shares during the last quarter.

Insider Activity

In other news, CEO David M. Maura acquired 2,500 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $72.85 per share, with a total value of $182,125.00. Following the acquisition, the chief executive officer directly owned 790,708 shares of the company's stock, valued at approximately $57,603,077.80. The trade was a 0.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 4.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPB. Oppenheimer boosted their target price on shares of Spectrum Brands from $85.00 to $100.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. Wall Street Zen downgraded shares of Spectrum Brands from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Monness Crespi & Hardt lifted their price target on shares of Spectrum Brands from $86.00 to $105.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Weiss Ratings downgraded shares of Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company upped their price objective on Spectrum Brands from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $98.83.

Spectrum Brands Stock Down 0.3%

Shares of SPB stock opened at $89.63 on Monday. The stock has a market cap of $2.06 billion, a P/E ratio of 27.33, a PEG ratio of 2.84 and a beta of 0.63. Spectrum Brands Holdings Inc. has a 52 week low of $49.99 and a 52 week 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 company's fifty day simple moving average is $86.32 and its two-hundred day simple moving average is $80.20.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $2.79 EPS for the quarter, beating 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 business had revenue of $753.30 million during the quarter, compared to the consensus estimate of $732.19 million. During the same quarter in the prior year, the firm earned $1.24 EPS. The business's revenue was up 7.7% on a year-over-year basis. Analysts predict that Spectrum Brands Holdings Inc. will post 6.38 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, August 25th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. Spectrum Brands's payout ratio is presently 57.32%.

Spectrum Brands 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