Redwood Investment Management LLC Has $5.05 Million Holdings in Spectrum Brands Holdings Inc. $SPB

Key Points

• Redwood Investment Management LLC increased its stake in Spectrum Brands Holdings Inc. by 9.9%, owning approximately $5.05 million worth of shares as of the latest SEC filing.
• Several hedge funds, including Versant Capital Management and Lazard Asset Management, have significantly increased their holdings in Spectrum Brands, indicating a growing interest in the stock.
• Spectrum Brands reported $1.24 EPS for the last quarter, slightly missing consensus estimates, with revenue down 10.2% year-over-year at $699.60 million.

Redwood Investment Management LLC lifted its stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 9.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,518 shares of the company's stock after acquiring an additional 6,377 shares during the quarter. Redwood Investment Management LLC owned approximately 0.27% of Spectrum Brands worth $5,046,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Versant Capital Management Inc increased its holdings in shares of Spectrum Brands by 101.7% during the first 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. Lazard Asset Management LLC raised its holdings in 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 acquiring an additional 692 shares during the period. New York State Teachers Retirement System purchased a new position in shares of Spectrum Brands during the 1st quarter valued at $118,000. Wealth Enhancement Advisory Services LLC grew its position in Spectrum Brands by 13.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,259 shares of the company's stock worth $275,000 after acquiring an additional 396 shares in the last quarter. Finally, Pallas Capital Advisors LLC purchased a new stake in Spectrum Brands during the first quarter valued at about $253,000.

Analyst Ratings Changes

SPB has been the topic of several research reports. Wells Fargo & Company dropped their target price on shares of Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of Spectrum Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Canaccord Genuity Group lowered their price target on Spectrum Brands from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Monness Crespi & Hardt cut their target price on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Finally, UBS Group boosted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the company a "buy" rating in a report on Friday, May 9th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Spectrum Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.80.

Spectrum Brands Price Performance

SPB opened at $56.9390 on Tuesday. The company has a fifty day simple moving average of $55.50 and a 200 day simple moving average of $62.40. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 21.25 and a beta of 0.86. Spectrum Brands Holdings Inc. has a twelve month low of $50.73 and a twelve month high of $96.62. 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 released 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 firm had revenue of $699.60 million for the quarter, compared to analyst estimates of $742.13 million. Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. Spectrum Brands's revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.13 earnings per share. Equities research analysts expect that Spectrum Brands Holdings Inc. will post 5.06 EPS 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. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, August 26th. Spectrum Brands's payout ratio is 70.15%.

Spectrum Brands 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.

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