Spectrum Brands Holdings Inc. $SPB Position Boosted by Armistice Capital LLC

Key Points

• Armistice Capital LLC increased its stake in Spectrum Brands Holdings Inc. by 20.0%, acquiring an additional 115,143 shares, bringing its total ownership to 691,000 shares, valued at approximately $49.4 million.
• Several large investors have also recently adjusted their holdings in Spectrum Brands, with Versant Capital Management Inc. boosting its stake by 101.7% in the first quarter.
• Analysts have set a consensus price target of $74.80 for Spectrum Brands shares, with a consensus rating of "Moderate Buy" based on recent ratings from multiple analysts.

Armistice Capital LLC raised its stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 691,000 shares of the company's stock after buying an additional 115,143 shares during the period. Spectrum Brands comprises 0.7% of Armistice Capital LLC's holdings, making the stock its 23rd biggest holding. Armistice Capital LLC owned about 2.63% of Spectrum Brands worth $49,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Raymond James Financial Inc. acquired a new position in Spectrum Brands during the 4th quarter valued at approximately $972,000. Price T Rowe Associates Inc. MD grew its position in Spectrum Brands by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,205 shares of the company's stock valued at $1,623,000 after buying an additional 747 shares during the period. Lido Advisors LLC grew its position in Spectrum Brands by 769.9% during the fourth quarter. Lido Advisors LLC now owns 6,455 shares of the company's stock valued at $545,000 after buying an additional 5,713 shares during the period. AQR Capital Management LLC grew its position in Spectrum Brands by 76.4% during the fourth quarter. AQR Capital Management LLC now owns 261,507 shares of the company's stock valued at $22,095,000 after buying an additional 113,238 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in Spectrum Brands during the fourth quarter valued at $424,000.

Spectrum Brands Stock Up 1.5%

Shares of NYSE SPB traded up $0.84 during trading on Friday, reaching $56.64. 131,714 shares of the stock were exchanged, compared to its average volume of 539,549. The business's 50-day moving average price is $56.09 and its 200 day moving average price is $61.43. Spectrum Brands Holdings Inc. has a twelve month low of $50.73 and a twelve month high of $96.62. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 21.14 and a beta of 0.83. The company has a quick ratio of 1.50, a current ratio of 2.42 and a debt-to-equity ratio of 0.35.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.01). The company had revenue of $699.60 million during the quarter, compared to analyst estimates of $742.13 million. Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. The company's revenue was down 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 earnings per share. As a group, equities analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, August 26th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Spectrum Brands's dividend payout ratio is 70.15%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SPB. UBS Group lifted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wells Fargo & Company reduced their price target on shares of Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 9th. Canaccord Genuity Group dropped their price objective on shares of Spectrum Brands from $77.00 to $75.00 and set a "buy" rating for the company in a report on Friday, August 8th. Wall Street Zen upgraded shares of Spectrum Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada set a $75.00 price target on shares of Spectrum Brands and gave the stock an "outperform" rating in a report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Spectrum Brands has a consensus rating of "Moderate Buy" and a consensus target price of $74.80.

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.