Gabelli Funds LLC Sells 7,400 Shares of Spectrum Brands Holdings Inc. $SPB

Key Points

• Gabelli Funds LLC sold 7,400 shares of Spectrum Brands Holdings Inc., reducing its stake by 2.7%, now holding approximately 263,627 shares valued at $18.86 million.
• Spectrum Brands announced a quarterly dividend of $0.47 per share, representing a 3.4% yield, with payment scheduled for September 23rd.
• The company reported a 10.2% year-over-year decline in revenue for the last quarter, posting $699.6 million compared to analyst estimates of $742.13 million.

Gabelli Funds LLC cut its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 263,627 shares of the company's stock after selling 7,400 shares during the period. Gabelli Funds LLC owned approximately 1.00% of Spectrum Brands worth $18,863,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Pullen Investment Management LLC raised its position in shares of Spectrum Brands by 2.8% during the first quarter. Pullen Investment Management LLC now owns 12,361 shares of the company's stock worth $884,000 after purchasing an additional 333 shares during the period. Humankind Investments LLC raised its position in shares of Spectrum Brands by 7.5% during the fourth quarter. Humankind Investments LLC now owns 5,104 shares of the company's stock worth $431,000 after purchasing an additional 355 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Spectrum Brands by 13.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,259 shares of the company's stock worth $275,000 after purchasing an additional 396 shares during the period. Versant Capital Management Inc raised its position in shares of Spectrum Brands by 101.7% during the first quarter. Versant Capital Management Inc now owns 970 shares of the company's stock worth $69,000 after purchasing an additional 489 shares during the period. Finally, Lazard Asset Management LLC raised its position in shares of Spectrum Brands by 89.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,464 shares of the company's stock worth $123,000 after purchasing an additional 692 shares during the period.

Spectrum Brands Stock Performance

Shares of SPB stock traded up $1.08 during mid-day trading on Monday, reaching $57.03. The stock had a trading volume of 537,265 shares, compared to its average volume of 569,684. The firm's 50 day simple moving average is $55.84 and its 200 day simple moving average is $61.82. 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 Holdings Inc. has a one year low of $50.73 and a one year high of $96.62. The firm has a market cap of $1.38 billion, a PE ratio of 21.28 and a beta of 0.83.

Spectrum Brands (NYSE:SPB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $1.24 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 quarter in the prior year, the business posted $1.13 EPS. Spectrum Brands's revenue was down 10.2% compared to the same quarter last year. On average, analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current year.

Spectrum Brands Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. UBS Group upped their price target on Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen raised Spectrum Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Monness Crespi & Hardt dropped their price target on Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Canaccord Genuity Group dropped their price target on Spectrum Brands from $77.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Wells Fargo & Company dropped their target price on Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $74.80.

Spectrum Brands Company 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.