Hsbc Holdings PLC Makes New $5.21 Million Investment in Spectrum Brands Holdings Inc. $SPB

Key Points

• Hsbc Holdings PLC acquired 61,157 Spectrum Brands shares worth approximately $5.21 million, representing about 0.27% of the company. Other major investors, including Pzena Investment Management and BlackRock, also established or increased positions.
• Spectrum Brands reported quarterly EPS of $2.79, exceeding the $1.46 consensus estimate, while revenue of $753.3 million surpassed expectations and rose 7.7% year over year.
• Analysts remain mixed, with three Buy ratings and four Hold ratings; the consensus rating is Hold with an average price target of $98.83. The company also declared a quarterly dividend of $0.47 per share, equivalent to a 2.1% annual yield.

Hsbc Holdings PLC 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 Form 13F filing with the Securities and Exchange Commission. The firm acquired 61,157 shares of the company's stock, valued at approximately $5,208,000. Hsbc Holdings PLC owned approximately 0.27% of Spectrum Brands at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

SPB has been the subject of several recent research reports. Wells Fargo & Company increased their price target on shares of Spectrum Brands from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Monness Crespi & Hardt lifted their price objective on Spectrum Brands from $86.00 to $105.00 and gave the company a "buy" rating in a report on Monday, August 10th. Wall Street Zen lowered Spectrum Brands from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $96.00 target price on shares of Spectrum Brands in a report on Monday, August 10th. Finally, Weiss Ratings downgraded Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $98.83.

Spectrum Brands Trading Up 0.2%

Shares of Spectrum Brands stock opened at $88.67 on Friday. The stock has a market capitalization of $2.04 billion, a P/E ratio of 27.03, a price-to-earnings-growth ratio of 2.79 and a beta of 0.63. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $87.35 and a 200 day simple moving average of $81.55. Spectrum Brands Holdings Inc. has a 12-month low of $49.99 and a 12-month high of $99.06.

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 (EPS) for the quarter, beating the consensus estimate of $1.46 by $1.33. The firm had revenue of $753.30 million during the quarter, compared to the consensus estimate of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm posted $1.24 EPS. Research analysts expect that Spectrum Brands Holdings Inc. will post 6.38 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 22nd. Investors of record on Tuesday, August 25th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 25th. Spectrum Brands's dividend payout ratio (DPR) is currently 57.32%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source