BlackRock Inc. Makes New Investment in Spectrum Brands Holdings Inc. $SPB

Key Points

• BlackRock acquired 1.94 million shares of Spectrum Brands in the second quarter, worth approximately $166.2 million and representing an 8.43% stake.
• 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.
• The company declared a quarterly dividend of $0.47 per share, or $1.88 annually, yielding about 2.1%. Analysts maintain a consensus “Hold” rating with an average price target of $98.83.

BlackRock Inc. bought a new position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,938,162 shares of the company's stock, valued at approximately $166,197,000. BlackRock Inc. owned about 8.43% of Spectrum Brands at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its stake in Spectrum Brands by 374,119.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company's stock valued at $129,779,000 after purchasing an additional 2,196,079 shares in the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Spectrum Brands during the second quarter valued at approximately $46,353,000. Callodine Capital Management LP grew its holdings in shares of Spectrum Brands by 20.4% during the fourth quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company's stock valued at $122,013,000 after buying an additional 350,261 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Spectrum Brands during the second quarter valued at approximately $15,409,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Spectrum Brands during the second quarter valued at approximately $20,260,000.

Spectrum Brands Stock Up 0.2%

Spectrum Brands stock opened at $88.67 on Friday. Spectrum Brands Holdings Inc. has a one year low of $49.99 and a one year high of $99.06. The stock has a fifty day moving average of $87.35 and a 200 day moving average of $81.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.61 and a current ratio of 2.41. The stock has a market cap of $2.04 billion, a PE ratio of 27.03, a price-to-earnings-growth ratio of 2.79 and a beta of 0.63.

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

Spectrum Brands Announces Dividend

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

Wall Street Analyst Weigh In

SPB has been the subject of several recent analyst reports. Oppenheimer boosted their price target on Spectrum Brands from $85.00 to $100.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Royal Bank Of Canada cut Spectrum Brands from an "outperform" rating to a "sector perform" rating and increased their price objective for the company from $85.00 to $92.00 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 report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $96.00 target price on shares of Spectrum Brands in a research report on Monday, August 10th. Finally, Wall Street Zen cut shares of Spectrum Brands from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $98.83.

Spectrum Brands Company 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.

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