Hsbc Holdings PLC Takes $3.17 Million Position in Spectrum Brands Holdings Inc. $SPB

Key Points

• HSBC Holdings PLC opened a new position in Spectrum Brands Holdings, buying 43,257 shares worth about $3.17 million in the first quarter, according to its latest 13F filing.
• Spectrum Brands reported better-than-expected quarterly results, posting EPS of $1.25 versus the $1.04 consensus estimate and revenue of $708.9 million, up 4.9% year over year.
• The company also paid a quarterly dividend of $0.47 per share and has drawn a mixed-but-broadly positive analyst outlook, with a consensus rating of Moderate Buy and a $87 average price target.

Hsbc Holdings PLC bought a new position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 43,257 shares of the company's stock, valued at approximately $3,171,000. Hsbc Holdings PLC owned about 0.19% of Spectrum Brands as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Amundi acquired a new position in Spectrum Brands during the first quarter valued at approximately $176,000. Millennium Management LLC lifted its stake in shares of Spectrum Brands by 64.7% in the first quarter. Millennium Management LLC now owns 166,496 shares of the company's stock worth $11,913,000 after buying an additional 65,424 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Spectrum Brands by 173.0% in the first quarter. NewEdge Advisors LLC now owns 5,389 shares of the company's stock worth $386,000 after buying an additional 3,415 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Spectrum Brands by 40.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 393,084 shares of the company's stock worth $28,125,000 after buying an additional 114,143 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Spectrum Brands by 6.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 111,571 shares of the company's stock worth $7,983,000 after buying an additional 6,321 shares during the period.

Insider Activity at Spectrum Brands

In related news, CEO David M. Maura acquired 2,500 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average price of $72.85 per share, with a total value of $182,125.00. Following the completion of the transaction, the chief executive officer owned 790,708 shares of the company's stock, valued at approximately $57,603,077.80. This represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.50% of the company's stock.

Spectrum Brands Trading Up 1.7%

Shares of Spectrum Brands stock opened at $88.91 on Friday. Spectrum Brands Holdings Inc. has a 1 year low of $49.99 and a 1 year high of $90.60. The company's fifty day simple moving average is $82.98 and its 200-day simple moving average is $77.36. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 2.79 and a beta of 0.64. The company has a current ratio of 2.29, a quick ratio of 1.42 and a debt-to-equity ratio of 0.30.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.04 by $0.21. Spectrum Brands had a net margin of 4.47% and a return on equity of 8.23%. The firm had revenue of $708.90 million during the quarter, compared to analysts' expectations of $676.45 million. During the same period in the prior year, the company earned $0.68 EPS. The business's quarterly revenue was up 4.9% compared to the same quarter last year. As a group, sell-side analysts expect that Spectrum Brands Holdings Inc. will post 5.32 EPS for the current year.

Spectrum Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Spectrum Brands's payout ratio is presently 35.88%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Spectrum Brands from $80.00 to $85.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $81.00 price target on shares of Spectrum Brands in a report on Friday, May 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Spectrum Brands in a research report on Tuesday. Canaccord Genuity Group dropped their price objective 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. Finally, Wall Street Zen cut Spectrum Brands from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Spectrum Brands has a consensus rating of "Moderate Buy" and a consensus price target of $87.00.

About Spectrum Brands

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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