Callodine Capital Management LP Grows Holdings in Spectrum Brands Holdings Inc. $SPB

Key Points

• Callodine Capital Management LP increased its stake in Spectrum Brands Holdings Inc. by 38.4% in Q1, owning 730,000 shares worth approximately $52.23 million.
• Spectrum Brands reported a Q1 EPS of $1.24, slightly missing expectations, with revenue of $699.60 million, down 10.2% year-over-year.
• The company announced a quarterly dividend of $0.47 per share, with a 3.4% yield and a payout ratio of 70.15%.

Callodine Capital Management LP raised its stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 38.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 730,000 shares of the company's stock after acquiring an additional 202,500 shares during the quarter. Spectrum Brands comprises approximately 8.7% of Callodine Capital Management LP's investment portfolio, making the stock its biggest holding. Callodine Capital Management LP owned approximately 2.77% of Spectrum Brands worth $52,232,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in Spectrum Brands by 101.7% in the 1st quarter. Versant Capital Management Inc now owns 970 shares of the company's stock valued at $69,000 after acquiring an additional 489 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in Spectrum Brands in the 1st quarter valued at about $118,000. Lazard Asset Management LLC increased its position in Spectrum Brands by 89.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,464 shares of the company's stock valued at $123,000 after acquiring an additional 692 shares in the last quarter. Pallas Capital Advisors LLC acquired a new stake in Spectrum Brands in the 1st quarter valued at about $253,000. Finally, Blueshift Asset Management LLC acquired a new stake in Spectrum Brands in the 1st quarter valued at about $258,000.

Analyst Ratings Changes

Several research firms have weighed in on SPB. Wells Fargo & Company lowered their price objective on shares of Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 9th. Canaccord Genuity Group reduced their target price on shares of Spectrum Brands from $77.00 to $75.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Royal Bank Of Canada set a $75.00 target price on shares of Spectrum Brands and gave the company an "outperform" rating in a research note on Monday, August 11th. Wall Street Zen raised shares of Spectrum Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, UBS Group raised 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. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $74.80.

Spectrum Brands Trading Up 1.9%

Spectrum Brands stock traded up $1.08 during midday trading on Friday, hitting $57.03. 537,265 shares of the stock were exchanged, compared to its average volume of 572,408. The company has a fifty day simple moving average of $55.84 and a two-hundred day simple moving average of $62.04. Spectrum Brands Holdings Inc. has a 52 week low of $50.73 and a 52 week high of $96.62. The stock has a market capitalization of $1.38 billion, a PE ratio of 21.28 and a beta of 0.86. 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 released its quarterly earnings data on Thursday, August 7th. The company reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.01). Spectrum Brands had a return on equity of 5.27% and a net margin of 2.56%.The firm had revenue of $699.60 million for the quarter, compared to the consensus estimate of $742.13 million. During the same period in the previous year, the business earned $1.13 EPS. The firm's revenue was down 10.2% compared to the same quarter last year. Equities research analysts anticipate that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, August 26th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.88 annualized dividend and a yield of 3.3%. Spectrum Brands's dividend payout ratio (DPR) is presently 70.15%.

Spectrum Brands 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.