Bank of America Corp DE Takes $24.74 Million Position in Spectrum Brands Holdings Inc. $SPB

Key Points

• Bank of America acquired a new 288,540-share stake in Spectrum Brands valued at approximately $24.74 million, representing 1.25% ownership.
• Spectrum Brands reported stronger-than-expected quarterly results, with EPS of $2.79 versus the $1.46 consensus estimate and revenue of $753.3 million, up 7.7% year over year.
• The company pays a quarterly dividend of $0.47, or $1.88 annually, yielding about 2.2%; analysts maintain a consensus “Hold” rating with an average price target of $98.83.

Bank of America Corp DE bought a new position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 288,540 shares of the company's stock, valued at approximately $24,742,000. Bank of America Corp DE owned 1.25% of Spectrum Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SPB. Global Retirement Partners LLC purchased a new position in Spectrum Brands during the second quarter valued at $27,000. Allworth Financial LP purchased a new stake in shares of Spectrum Brands during the second quarter worth about $29,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Spectrum Brands by 96.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 630 shares of the company's stock worth $37,000 after purchasing an additional 310 shares in the last quarter. Group One Trading LLC raised its position in shares of Spectrum Brands by 159.2% during the 1st quarter. Group One Trading LLC now owns 2,318 shares of the company's stock worth $171,000 after purchasing an additional 6,234 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in Spectrum Brands during the 1st quarter worth approximately $204,000.

Spectrum Brands Stock Performance

NYSE:SPB opened at $86.33 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.41 and a quick ratio of 1.61. The firm has a market capitalization of $1.99 billion, a price-to-earnings ratio of 26.32, a PEG ratio of 2.78 and a beta of 0.65. The company's 50-day moving average is $88.06 and its two-hundred day moving average is $82.80. Spectrum Brands Holdings Inc. has a 1-year low of $49.99 and a 1-year high of $99.06.

Spectrum Brands (NYSE:SPB - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.46 by $1.33. The business had revenue of $753.30 million during the quarter, compared to the consensus estimate of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The business's revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.24 EPS. Analysts forecast that Spectrum Brands Holdings Inc. will post 6.38 EPS for the current year.

Spectrum Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, August 25th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Spectrum Brands's payout ratio is 57.32%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wells Fargo & Company increased their target price on Spectrum Brands from $85.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, August 10th. Monness Crespi & Hardt boosted their price target on Spectrum Brands from $86.00 to $105.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Weiss Ratings downgraded Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $96.00 target price on shares of Spectrum Brands in a report on Monday, August 10th. Finally, Royal Bank Of Canada cut shares of Spectrum Brands from an "outperform" rating to a "sector perform" rating and increased their target price for the company from $85.00 to $92.00 in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Spectrum Brands presently has a consensus rating of "Hold" and a consensus target price of $98.83.

Spectrum Brands Profile

Spectrum Brands Holdings, Inc NYSE: SPB is a global branded consumer products company headquartered in Middleton, Wisconsin. The company develops, markets and distributes products for household, personal care and pet-care needs, selling through mass retailers, specialty stores, e-commerce channels and other outlets.

Its portfolio has included well-known brands such as Remington personal-care products, Black+Decker-branded small appliances under license, Russell Hobbs and Farberware kitchen products, and Pfister plumbing products.

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