Bank of New York Mellon Corp Acquires Shares of 236,273 Spectrum Brands Holdings Inc. $SPB

Key Points

• Bank of New York Mellon acquired 236,273 shares of Spectrum Brands, valued at approximately $20.26 million, giving it a 1.03% stake. Other institutional investors also increased their positions during the period.
• Spectrum Brands reported quarterly EPS of $2.79, beating the $1.46 consensus estimate, while revenue of $753.3 million exceeded expectations and rose 7.7% year over year.
• The company declared a quarterly dividend of $0.47 per share, representing a $1.88 annualized payout and a 2.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $98.83.

Bank of New York Mellon Corp bought a new position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 236,273 shares of the company's stock, valued at approximately $20,260,000. Bank of New York Mellon Corp owned 1.03% of Spectrum Brands as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. State of Wyoming bought a new stake in shares of Spectrum Brands during the second quarter valued at approximately $372,000. Hennion & Walsh Asset Management Inc. grew its stake in Spectrum Brands by 35.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 5,094 shares of the company's stock worth $437,000 after purchasing an additional 1,323 shares during the period. Assenagon Asset Management S.A. raised its holdings in Spectrum Brands by 437.2% in the second quarter. Assenagon Asset Management S.A. now owns 117,055 shares of the company's stock worth $10,037,000 after purchasing an additional 95,265 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Spectrum Brands by 52.6% in the first quarter. Pacer Advisors Inc. now owns 161,213 shares of the company's stock worth $11,881,000 after purchasing an additional 55,563 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Spectrum Brands by 5.2% during the first quarter. Empowered Funds LLC now owns 93,632 shares of the company's stock valued at $6,901,000 after buying an additional 4,612 shares during the period.

Spectrum Brands Price Performance

Shares of NYSE SPB opened at $88.67 on Monday. The firm has a market cap of $2.04 billion, a P/E ratio of 27.03, a PEG ratio of 2.80 and a beta of 0.63. Spectrum Brands Holdings Inc. has a twelve month low of $49.99 and a twelve month 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 has a 50 day moving average of $87.35 and a 200 day moving average of $81.60.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $1.46 by $1.33. The business had revenue of $753.30 million for the quarter, compared to the consensus estimate of $732.19 million. Spectrum Brands had a return on equity of 10.06% and a net margin of 2.76%.The company's revenue was up 7.7% compared to the same quarter last year. During the same period last year, the business posted $1.24 EPS. As a group, research analysts expect that Spectrum Brands Holdings Inc. will post 6.38 EPS for the current fiscal year.

Spectrum Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Spectrum Brands's dividend payout ratio (DPR) is 57.32%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SPB. Royal Bank Of Canada downgraded shares of Spectrum Brands from an "outperform" rating to a "sector perform" rating and upped their target price for the stock from $85.00 to $92.00 in a research report on Monday, August 10th. Canaccord Genuity Group lifted their price target on shares of Spectrum Brands from $99.00 to $110.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Weiss Ratings lowered shares of Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Oppenheimer boosted their price objective on shares of Spectrum Brands from $85.00 to $100.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Finally, Monness Crespi & Hardt upped their price objective on shares of Spectrum Brands from $86.00 to $105.00 and gave the stock a "buy" rating in a 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $98.83.

About Spectrum Brands

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.

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