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 trimmed its position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 2.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 263,627 shares of the company's stock after selling 7,400 shares during the quarter. Gabelli Funds LLC owned 1.00% of Spectrum Brands worth $18,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of SPB. Versant Capital Management Inc increased its position in Spectrum Brands by 101.7% during the first quarter. Versant Capital Management Inc now owns 970 shares of the company's stock valued at $69,000 after acquiring an additional 489 shares during the last quarter. New York State Teachers Retirement System bought a new stake in shares of Spectrum Brands during the 1st quarter valued at about $118,000. Lazard Asset Management LLC increased its position in shares of Spectrum Brands by 89.6% during the 4th quarter. Lazard Asset Management LLC now owns 1,464 shares of the company's stock valued at $123,000 after purchasing an additional 692 shares during the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Spectrum Brands in the 1st quarter worth approximately $253,000. Finally, Blueshift Asset Management LLC bought a new position in shares of Spectrum Brands in the 1st quarter worth approximately $258,000.

Analysts Set New Price Targets

SPB has been the subject of several recent research reports. Monness Crespi & Hardt cut their target price on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Canaccord Genuity Group cut their price objective on shares of Spectrum Brands from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Wall Street Zen upgraded Spectrum Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. UBS Group lifted their target price on Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Royal Bank Of Canada set a $75.00 price target on Spectrum Brands and gave the company an "outperform" rating in a report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.80.

Spectrum Brands Price Performance

SPB stock traded up $1.08 during trading on Friday, reaching $57.03. The company's stock had a trading volume of 537,265 shares, compared to its average volume of 572,408. The company has a quick ratio of 1.50, a current ratio of 2.42 and a debt-to-equity ratio of 0.35. The company's fifty day moving average is $55.84 and its 200-day moving average is $62.04. The company has a market capitalization of $1.38 billion, a P/E ratio of 21.28 and a beta of 0.86. Spectrum Brands Holdings Inc. has a 1 year low of $50.73 and a 1 year high of $96.62.

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 the consensus estimate of $1.25 by ($0.01). The business had revenue of $699.60 million during the quarter, compared to analysts' expectations of $742.13 million. Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. Spectrum Brands's revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.13 earnings per share. On average, research analysts expect that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently declared 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. This represents a $1.88 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, August 26th. Spectrum Brands's dividend payout ratio is presently 70.15%.

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.