Pullen Investment Management LLC Sells 18,358 Shares of Spectrum Brands Holdings Inc. $SPB

Key Points

• Pullen Investment Management cut its Spectrum Brands stake by 44.8% in the first quarter, selling 18,358 shares and leaving it with 22,610 shares worth about $1.67 million.
• Spectrum Brands reported strong quarterly results, with EPS of $1.25 beating estimates by $0.21 and revenue of $708.9 million topping expectations; revenue rose 4.9% from a year earlier.
• The company also paid a quarterly dividend of $0.47 per share, while analysts currently have a mixed view on the stock with a consensus rating of “Moderate Buy” and an average price target of $86.

Pullen Investment Management LLC trimmed its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 44.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,610 shares of the company's stock after selling 18,358 shares during the quarter. Pullen Investment Management LLC owned approximately 0.10% of Spectrum Brands worth $1,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of SPB. ProShare Advisors LLC boosted its stake in shares of Spectrum Brands by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 4,721 shares of the company's stock valued at $279,000 after purchasing an additional 140 shares during the period. Federated Hermes Inc. increased its stake in shares of Spectrum Brands by 1.3% in the fourth quarter. Federated Hermes Inc. now owns 12,048 shares of the company's stock worth $712,000 after buying an additional 157 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Spectrum Brands by 96.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 630 shares of the company's stock valued at $37,000 after buying an additional 310 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Spectrum Brands by 111.7% during the 4th quarter. Farther Finance Advisors LLC now owns 635 shares of the company's stock valued at $38,000 after buying an additional 335 shares during the last quarter. Finally, CWM LLC boosted its position in Spectrum Brands by 58.2% during the 4th quarter. CWM LLC now owns 1,237 shares of the company's stock valued at $73,000 after buying an additional 455 shares during the period.

Spectrum Brands Price Performance

Shares of Spectrum Brands stock opened at $83.75 on Friday. The business has a 50 day moving average of $80.75 and a 200 day moving average of $72.75. Spectrum Brands Holdings Inc. has a 52 week low of $49.99 and a 52 week high of $86.96. The company has a market cap of $1.94 billion, a PE ratio of 15.98, a P/E/G ratio of 2.64 and a beta of 0.65. The company has a quick ratio of 1.42, a current ratio of 2.29 and a debt-to-equity ratio of 0.30.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.21. The business had revenue of $708.90 million for the quarter, compared to analysts' expectations of $676.45 million. Spectrum Brands had a net margin of 4.47% and a return on equity of 8.23%. The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 earnings per share. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, May 26th were paid 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 dividend yield of 2.2%. Spectrum Brands's payout ratio is presently 35.88%.

Analyst Ratings Changes

A number of brokerages have issued reports on SPB. Wall Street Zen lowered shares of Spectrum Brands from a "buy" rating to a "hold" rating in a report on Sunday. Weiss Ratings raised shares of Spectrum Brands from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. Canaccord Genuity Group dropped their target price on shares of Spectrum Brands from $100.00 to $99.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $81.00 target price on shares of Spectrum Brands in a research note on Friday, May 8th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $86.00.

Insider Buying and Selling at Spectrum Brands

In related news, CEO David M. Maura purchased 2,500 shares of Spectrum Brands stock in a transaction that occurred on Wednesday, May 20th. The shares were bought at an average price of $72.85 per share, for a total transaction of $182,125.00. Following the completion of the transaction, the chief executive officer directly owned 790,708 shares of the company's stock, valued at $57,603,077.80. This represents a 0.32% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.90% of the company's stock.

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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