Legal & General Group Plc Makes New $1.87 Million Investment in Spectrum Brands Holdings Inc. $SPB

Key Points

• Legal & General Group Plc acquired 21,807 Spectrum Brands shares worth approximately $1.87 million, giving it a 0.09% stake. Several other institutional investors, including Millennium Management and Goldman Sachs, also increased their positions.
• Spectrum Brands reported quarterly adjusted earnings of $2.79 per share, well above the $1.46 consensus estimate, while revenue rose 7.7% year over year to $753.3 million.
• The company declared a quarterly dividend of $0.47 per share, equivalent to a 2.1% yield. Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $98.83.

Legal & General Group Plc bought a new stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,807 shares of the company's stock, valued at approximately $1,870,000. Legal & General Group Plc owned approximately 0.09% of Spectrum Brands at the end of the most recent quarter.

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

Spectrum Brands Trading Up 0.2%

Shares of SPB stock opened at $88.70 on Monday. The firm's 50-day simple moving average is $87.60 and its 200-day simple moving average is $82.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.41 and a quick ratio of 1.61. Spectrum Brands Holdings Inc. has a 1-year low of $49.99 and a 1-year high of $99.06. The firm has a market cap of $2.04 billion, a P/E ratio of 27.04, a PEG ratio of 2.79 and a beta of 0.65.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $1.46 by $1.33. The firm had revenue of $753.30 million during the quarter, compared to analyst estimates of $732.19 million. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. Spectrum Brands's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.24 earnings per share. As a group, equities analysts forecast that Spectrum Brands Holdings Inc. will post 6.38 EPS for the current year.

Spectrum Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, August 25th will be given 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 payout ratio is 57.32%.

Analyst Ratings Changes

SPB has been the subject of several recent research reports. Royal Bank Of Canada downgraded shares of Spectrum Brands from an "outperform" rating to a "sector perform" rating and raised their target price for the company from $85.00 to $92.00 in a report on Monday, August 10th. Monness Crespi & Hardt lifted their price objective on Spectrum Brands from $86.00 to $105.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Canaccord Genuity Group increased their target price on Spectrum Brands from $99.00 to $110.00 and gave the company a "buy" rating in a report on Monday, August 10th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $96.00 price target on shares of Spectrum Brands in a report on Monday, August 10th. Finally, Weiss Ratings lowered Spectrum Brands from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $98.83.

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.

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