Magnetar Financial LLC Increases Stake in Spectrum Brands Holdings Inc. $SPB

Key Points

• Magnetar Financial LLC increased its holdings in Spectrum Brands Holdings Inc. by 232.3% in the first quarter, owning 38,738 shares valued at $2.77 million after acquiring an additional 27,081 shares.
• Spectrum Brands reported quarterly earnings of $1.24 per share, missing analyst expectations, with revenue of $699.60 million, down 10.2% year-over-year.
• The company announced a quarterly dividend of $0.47 per share, representing an annual yield of 3.3%, with a payout ratio of 70.15%.

Magnetar Financial LLC boosted its position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 232.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,738 shares of the company's stock after buying an additional 27,081 shares during the period. Magnetar Financial LLC owned approximately 0.15% of Spectrum Brands worth $2,772,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of Spectrum Brands by 101.7% during the 1st quarter. Versant Capital Management Inc now owns 970 shares of the company's stock worth $69,000 after buying an additional 489 shares in the last quarter. New York State Teachers Retirement System purchased a new position in shares of Spectrum Brands during the 1st quarter valued at $118,000. Lazard Asset Management LLC grew 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 in the last quarter. Pallas Capital Advisors LLC purchased a new position in Spectrum Brands in the first quarter worth $253,000. Finally, Blueshift Asset Management LLC bought a new stake in Spectrum Brands in the first quarter worth $258,000.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wall Street Zen raised shares of Spectrum Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Wells Fargo & Company decreased their price target on shares of Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 9th. UBS Group raised their price objective on shares of Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Monness Crespi & Hardt reduced their price target on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, Royal Bank Of Canada set a $75.00 price target on shares of Spectrum Brands and gave the stock an "outperform" rating in a research note on Monday, August 11th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $74.80.

Spectrum Brands Price Performance

SPB traded down $2.01 during midday trading on Tuesday, hitting $54.98. 614,084 shares of the company traded hands, compared to its average volume of 544,539. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 20.51 and a beta of 0.83. Spectrum Brands Holdings Inc. has a 52-week low of $50.73 and a 52-week high of $96.62. The business has a 50 day simple moving average of $55.93 and a two-hundred day simple moving average of $61.68. The company has a current ratio of 2.42, a quick ratio of 1.50 and a debt-to-equity ratio of 0.35.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $1.24 earnings per share for the quarter, missing analysts' consensus estimates of $1.25 by ($0.01). The business had revenue of $699.60 million for the quarter, compared to analyst estimates of $742.13 million. Spectrum Brands had a return on equity of 5.27% and a net margin of 2.56%.The business's revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 earnings per share. On average, equities analysts forecast that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, August 26th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, August 26th. Spectrum Brands's payout ratio is 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.