Corient Private Wealth LP Purchases Shares of 28,365 Spectrum Brands Holdings Inc. $SPB

Key Points

• Corient Private Wealth acquired 28,365 Spectrum Brands shares worth approximately $2.43 million, while other institutions including Pzena Investment Management and BlackRock also established or expanded positions.
• Spectrum Brands reported quarterly earnings of $2.79 per share, far exceeding the $1.46 consensus estimate, while revenue rose 7.7% year over year to $753.3 million.
• The stock recently traded at $89.26 and the company declared a quarterly dividend of $0.47 per share, but analysts maintained a consensus “Hold” rating with an average price target of $98.83.

Corient Private Wealth LP acquired a new position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,365 shares of the company's stock, valued at approximately $2,432,000. Corient Private Wealth LP owned about 0.12% of Spectrum Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pzena Investment Management LLC acquired a new position in Spectrum Brands in the second quarter valued at $207,584,000. Northwestern Mutual Wealth Management Co. boosted its stake in Spectrum Brands by 374,119.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company's stock worth $129,779,000 after buying an additional 2,196,079 shares during the last quarter. Callodine Capital Management LP increased its stake in shares of Spectrum Brands by 20.4% during the 4th quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company's stock valued at $122,013,000 after acquiring an additional 350,261 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Spectrum Brands during the 2nd quarter valued at about $166,197,000. Finally, LSV Asset Management lifted its holdings in shares of Spectrum Brands by 2.9% during the 4th quarter. LSV Asset Management now owns 602,980 shares of the company's stock worth $35,624,000 after acquiring an additional 17,100 shares during the period.

Spectrum Brands Stock Up 3.7%

SPB opened at $89.26 on Thursday. Spectrum Brands Holdings Inc. has a 1 year low of $49.99 and a 1 year high of $99.06. The firm has a 50 day moving average price of $87.52 and a 200 day moving average price of $81.86. 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 company has a market cap of $2.05 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.71 and a beta of 0.65.

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

Spectrum Brands Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. 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. Wall Street Zen downgraded shares of Spectrum Brands from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Weiss Ratings lowered shares of Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. Oppenheimer boosted their price objective on shares of Spectrum Brands from $85.00 to $100.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Finally, Royal Bank Of Canada downgraded Spectrum Brands from an "outperform" rating to a "sector perform" rating and upped their price objective for the stock from $85.00 to $92.00 in a report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $98.83.

Spectrum Brands 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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