Redwood Investment Management LLC Buys 6,377 Shares of 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 increased 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 disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,518 shares of the company's stock after acquiring an additional 6,377 shares during the quarter. Redwood Investment Management LLC owned about 0.27% of Spectrum Brands worth $5,046,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SPB. Pullen Investment Management LLC lifted its stake in Spectrum Brands by 2.8% in the first quarter. Pullen Investment Management LLC now owns 12,361 shares of the company's stock valued at $884,000 after buying an additional 333 shares during the period. Humankind Investments LLC lifted its stake in Spectrum Brands by 7.5% in the fourth quarter. Humankind Investments LLC now owns 5,104 shares of the company's stock valued at $431,000 after buying an additional 355 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake 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 valued at $275,000 after buying an additional 396 shares during the period. Versant Capital Management Inc lifted its stake in Spectrum Brands by 101.7% in the first quarter. Versant Capital Management Inc now owns 970 shares of the company's stock valued at $69,000 after buying an additional 489 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in Spectrum Brands by 89.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,464 shares of the company's stock valued at $123,000 after buying an additional 692 shares during the period.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen raised Spectrum Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Royal Bank Of Canada set a $75.00 price objective on Spectrum Brands and gave the company an "outperform" rating in a report on Monday, August 11th. Canaccord Genuity Group decreased their price objective on Spectrum Brands from $77.00 to $75.00 and set a "buy" rating for the company in a report on Friday, August 8th. Monness Crespi & Hardt decreased their price objective on Spectrum Brands from $106.00 to $86.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Finally, Wells Fargo & Company decreased their price objective on Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Spectrum Brands presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.80.

Spectrum Brands Stock Up 1.9%

Spectrum Brands stock traded up $1.08 during trading on Friday, hitting $57.03. 537,265 shares of the company were exchanged, compared to its average volume of 572,408. The business's 50 day moving average is $55.84 and its 200 day moving average is $61.94. Spectrum Brands Holdings Inc. has a 52 week low of $50.73 and a 52 week high of $96.62. The company has a market capitalization of $1.38 billion, a P/E ratio of 21.28 and a beta of 0.86. 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 announced its quarterly earnings results on Thursday, August 7th. The company reported $1.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.01). Spectrum Brands had a return on equity of 5.27% and a net margin of 2.56%.The company had revenue of $699.60 million for the quarter, compared to the consensus estimate of $742.13 million. During the same quarter last year, the company posted $1.13 EPS. The company's quarterly revenue was down 10.2% compared to the same quarter last year. Analysts predict that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, August 26th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, August 26th. This represents a $1.88 annualized dividend and a yield of 3.3%. Spectrum Brands's dividend 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.