CastleKnight Management LP Sells 17,200 Shares of Spectrum Brands Holdings Inc. $SPB

Key Points

• CastleKnight Management LP cut its Spectrum Brands stake by 16.9% in the fourth quarter, selling 17,200 shares and ending with 84,800 shares worth about $5.0 million.
• Spectrum Brands beat earnings expectations in its latest quarter, reporting $1.25 EPS on revenue of $708.9 million, both above analyst estimates and up 4.9% year over year.
• The company also paid a quarterly dividend of $0.47 per share, while analysts remain mixed overall with a consensus rating of “Moderate Buy” and an average price target of $86.00.

CastleKnight Management LP decreased its holdings in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 16.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 84,800 shares of the company's stock after selling 17,200 shares during the period. CastleKnight Management LP owned approximately 0.37% of Spectrum Brands worth $5,010,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. raised its position in shares of Spectrum Brands by 14.5% during the 3rd quarter. American Century Companies Inc. now owns 2,052,850 shares of the company's stock valued at $107,836,000 after acquiring an additional 260,085 shares during the last quarter. Manning & Napier Advisors LLC raised its position in shares of Spectrum Brands by 9.1% during the 4th quarter. Manning & Napier Advisors LLC now owns 300,000 shares of the company's stock valued at $17,724,000 after acquiring an additional 25,000 shares during the last quarter. Rovida Advisors Inc. raised its position in shares of Spectrum Brands by 1,140.4% during the 3rd quarter. Rovida Advisors Inc. now owns 60,000 shares of the company's stock valued at $3,150,000 after acquiring an additional 55,163 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. raised its position in shares of Spectrum Brands by 91.7% during the 4th quarter. Generali Investments CEE investicni spolecnost a.s. now owns 47,935 shares of the company's stock valued at $2,832,000 after acquiring an additional 22,935 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its position in shares of Spectrum Brands by 8.8% during the 4th quarter. Gamco Investors INC. ET AL now owns 354,082 shares of the company's stock valued at $20,919,000 after acquiring an additional 28,569 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SPB shares. Wall Street Zen upgraded shares of Spectrum Brands from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Weiss Ratings upgraded shares of Spectrum Brands from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Canaccord Genuity Group lowered their price objective on shares of Spectrum Brands from $100.00 to $99.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $81.00 price objective on shares of Spectrum Brands in a research report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Spectrum Brands has an average rating of "Moderate Buy" and a consensus price target of $86.00.

Spectrum Brands Price Performance

SPB opened at $80.58 on Thursday. The company has a quick ratio of 1.42, a current ratio of 2.29 and a debt-to-equity ratio of 0.30. Spectrum Brands Holdings Inc. has a 12 month low of $49.99 and a 12 month high of $86.96. The company has a fifty day simple moving average of $80.50 and a 200 day simple moving average of $72.50. The stock has a market cap of $1.87 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.64 and a beta of 0.65.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.21. The business had revenue of $708.90 million during the quarter, compared to analysts' expectations of $676.45 million. Spectrum Brands had a net margin of 4.47% and a return on equity of 8.23%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 EPS. On average, research analysts expect that Spectrum Brands Holdings Inc. will post 5.32 EPS for the current year.

Spectrum Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, May 26th were paid a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.3%. Spectrum Brands's dividend payout ratio is presently 35.88%.

Insiders Place Their Bets

In related news, CEO David M. Maura bought 2,500 shares of Spectrum Brands stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average cost of $72.85 per share, with a total value of $182,125.00. Following the purchase, the chief executive officer owned 790,708 shares in the company, valued at approximately $57,603,077.80. This trade represents a 0.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.90% of the company's stock.

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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