Hillsdale Investment Management Inc. Acquires New Holdings in Spectrum Brands Holdings Inc. $SPB

Key Points

• Hillsdale Investment Management opened a new position in Spectrum Brands, buying 100,600 shares valued at about $7.4 million in the first quarter and holding 0.43% of the company.
• Spectrum Brands reported better-than-expected quarterly results, with EPS of $1.25 versus $1.04 expected and revenue of $708.9 million, while analysts now see a Moderate Buy rating with an average price target of $87.
• The company also paid a quarterly dividend of $0.47 per share and saw insider buying from CEO David M. Maura, who purchased 2,500 shares in May.

Hillsdale Investment Management Inc. bought a new position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,600 shares of the company's stock, valued at approximately $7,414,000. Hillsdale Investment Management Inc. owned 0.43% of Spectrum Brands as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SPB. Northwestern Mutual Wealth Management Co. boosted its position in Spectrum Brands by 374,119.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company's stock valued at $129,779,000 after purchasing an additional 2,196,079 shares in the last quarter. Callodine Capital Management LP lifted its position in shares of Spectrum Brands by 20.4% during the fourth quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company's stock valued at $122,013,000 after buying an additional 350,261 shares during the last quarter. LSV Asset Management grew its position in shares of Spectrum Brands by 2.9% in the 4th quarter. LSV Asset Management now owns 602,980 shares of the company's stock worth $35,624,000 after buying an additional 17,100 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Spectrum Brands by 6.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 579,941 shares of the company's stock worth $34,263,000 after acquiring an additional 33,194 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in shares of Spectrum Brands by 71.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 539,728 shares of the company's stock worth $28,606,000 after acquiring an additional 224,481 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPB. Wall Street Zen downgraded shares of Spectrum Brands from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Wells Fargo & Company increased their price objective on Spectrum Brands from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $81.00 target price on shares of Spectrum Brands in a research note on Friday, May 8th. Weiss Ratings raised Spectrum Brands from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Finally, Canaccord Genuity Group dropped their price target on Spectrum Brands from $100.00 to $99.00 and set a "buy" rating on the stock in a research note on Wednesday, June 17th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.00.

Spectrum Brands Price Performance

NYSE SPB opened at $84.75 on Tuesday. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 2.62 and a beta of 0.64. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.29 and a quick ratio of 1.42. The stock's fifty day moving average price is $81.56 and its 200 day moving average price is $75.68. Spectrum Brands Holdings Inc. has a 1 year low of $49.99 and a 1 year high of $88.14.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.21. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.The company had revenue of $708.90 million during the quarter, compared to analysts' expectations of $676.45 million. During the same quarter in the previous year, the firm posted $0.68 EPS. The firm's revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Spectrum Brands Holdings Inc. will post 5.32 earnings per share for the current year.

Spectrum Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. 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 2.2%. Spectrum Brands's dividend payout ratio (DPR) is currently 35.88%.

Insider Buying and Selling

In other Spectrum Brands news, CEO David M. Maura acquired 2,500 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were purchased at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the completion of the purchase, the chief executive officer directly owned 790,708 shares of the company's stock, valued at $57,603,077.80. The trade was a 0.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.50% of the company's stock.

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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