Allianz Asset Management GmbH Cuts Stake in Spectrum Brands Holdings Inc. (NYSE:SPB)

Key Points

• Allianz Asset Management GmbH has significantly reduced its stake in Spectrum Brands Holdings Inc. by 46.4% during the first quarter, leaving it with approximately 44,141 shares valued at about $3.16 million.
• CEO David M. Maura sold 66,000 shares at an average price of $65.53, resulting in an 8.36% decrease in his personal holdings of the company's stock.
• Spectrum Brands recently declared a quarterly $0.47 dividend, representing a 3.44% dividend yield with a payout ratio of 89.95%.

Allianz Asset Management GmbH lowered its stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 46.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,141 shares of the company's stock after selling 38,213 shares during the period. Allianz Asset Management GmbH owned approximately 0.17% of Spectrum Brands worth $3,158,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Pullen Investment Management LLC raised its holdings in Spectrum Brands by 2.8% in the 1st quarter. Pullen Investment Management LLC now owns 12,361 shares of the company's stock worth $884,000 after acquiring an additional 333 shares during the last quarter. Humankind Investments LLC raised its holdings in Spectrum Brands by 7.5% in the 4th quarter. Humankind Investments LLC now owns 5,104 shares of the company's stock worth $431,000 after acquiring an additional 355 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Spectrum Brands by 13.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,259 shares of the company's stock worth $275,000 after acquiring an additional 396 shares during the last quarter. Federated Hermes Inc. raised its holdings in Spectrum Brands by 4.4% in the 4th quarter. Federated Hermes Inc. now owns 10,703 shares of the company's stock worth $904,000 after acquiring an additional 447 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Spectrum Brands by 101.7% in the 1st quarter. Versant Capital Management Inc now owns 970 shares of the company's stock worth $69,000 after acquiring an additional 489 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPB. Monness Crespi & Hardt decreased their target price on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. UBS Group boosted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Canaccord Genuity Group set a $77.00 target price on shares of Spectrum Brands and gave the company a "buy" rating in a research note on Wednesday, June 25th. Finally, Wells Fargo & Company decreased their target price on shares of Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Spectrum Brands presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.17.

Spectrum Brands Price Performance

Shares of Spectrum Brands stock traded down $0.99 during trading on Friday, reaching $52.52. 591,781 shares of the stock traded hands, compared to its average volume of 540,599. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 25.13 and a beta of 0.90. The business has a fifty day simple moving average of $55.54 and a two-hundred day simple moving average of $66.01. 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 Holdings Inc. has a 52-week low of $50.73 and a 52-week high of $96.62.

Spectrum Brands (NYSE:SPB - Get Free Report) last announced 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 firm had revenue of $675.70 million during the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a return on equity of 5.20% and a net margin of 2.02%. The firm's revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. Sell-side analysts expect that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current year.

Spectrum Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Spectrum Brands's payout ratio is currently 89.95%.

Insider Buying and Selling at Spectrum Brands

In other news, CEO David M. Maura sold 5,180 shares of Spectrum Brands 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 owned 718,427 shares of the company's stock, valued at approximately $45,814,089.79. The trade was a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.90% of the company's stock.

Spectrum Brands Company Profile

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.