Callodine Capital Management LP Grows Stock Position 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 grew its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 38.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 730,000 shares of the company's stock after buying an additional 202,500 shares during the period. Spectrum Brands accounts for 8.7% of Callodine Capital Management LP's portfolio, making the stock its biggest holding. Callodine Capital Management LP owned 2.77% of Spectrum Brands worth $52,232,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. American Century Companies Inc. lifted its position in shares of Spectrum Brands by 7.5% during the 1st quarter. American Century Companies Inc. now owns 1,319,420 shares of the company's stock valued at $94,405,000 after buying an additional 92,418 shares in the last quarter. Alberta Investment Management Corp lifted its position in shares of Spectrum Brands by 33.1% during the 1st quarter. Alberta Investment Management Corp now owns 750,029 shares of the company's stock valued at $53,665,000 after buying an additional 186,729 shares in the last quarter. LSV Asset Management lifted its position in shares of Spectrum Brands by 2.7% during the 1st quarter. LSV Asset Management now owns 662,475 shares of the company's stock valued at $47,400,000 after buying an additional 17,445 shares in the last quarter. Systematic Financial Management LP lifted its position in shares of Spectrum Brands by 4.0% during the 4th quarter. Systematic Financial Management LP now owns 359,748 shares of the company's stock valued at $30,395,000 after buying an additional 13,743 shares in the last quarter. Finally, Man Group plc lifted its position in shares of Spectrum Brands by 160.5% during the 4th quarter. Man Group plc now owns 320,178 shares of the company's stock valued at $27,052,000 after buying an additional 197,263 shares in the last quarter.

Spectrum Brands Price Performance

NYSE:SPB traded up $1.08 during trading hours on Monday, reaching $57.03. The stock had a trading volume of 537,265 shares, compared to its average volume of 569,684. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.50 and a current ratio of 2.42. Spectrum Brands Holdings Inc. has a 52 week low of $50.73 and a 52 week high of $96.62. The company has a 50 day moving average price of $55.84 and a two-hundred day moving average price of $61.82. The stock has a market capitalization of $1.38 billion, a PE ratio of 21.28 and a beta of 0.83.

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 (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $742.13 million. During the same period in the previous year, the firm earned $1.13 EPS. The business's revenue was down 10.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spectrum Brands Holdings Inc. will post 5.06 earnings per share 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. Shareholders of record on Tuesday, August 26th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.88 dividend on an annualized basis and a yield of 3.3%. Spectrum Brands's payout ratio is presently 70.15%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada set a $75.00 price objective on Spectrum Brands and gave the company an "outperform" rating in a research report on Monday, August 11th. UBS Group boosted their price target on Spectrum Brands from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Wall Street Zen raised Spectrum Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Wells Fargo & Company lowered their price target on Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 9th. Finally, Monness Crespi & Hardt lowered their price target on Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.