Royal Bank of Canada Sells 60,272 Shares of Spectrum Brands Holdings Inc. $SPB

Key Points

• Royal Bank of Canada has reduced its stake in Spectrum Brands Holdings Inc. by 24.1%, now owning approximately 0.72% of the company.
• Several institutional investors, such as Callodine Capital Management and Man Group, have increased their stakes significantly, indicating strong interest in Spectrum Brands.
• Spectrum Brands reported earnings of $1.24 per share for the last quarter, missing estimates, and plans to pay a dividend of $0.47 per share on September 23rd.

Royal Bank of Canada decreased its holdings in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 24.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 190,106 shares of the company's stock after selling 60,272 shares during the quarter. Royal Bank of Canada owned about 0.72% of Spectrum Brands worth $13,601,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted 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 during the last quarter. New York State Teachers Retirement System acquired a new position in Spectrum Brands during the 1st quarter valued at $118,000. Lazard Asset Management LLC boosted its holdings in Spectrum Brands by 89.6% in 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 during the period. Quarry LP acquired a new stake in Spectrum Brands in the 1st quarter worth $157,000. Finally, Pallas Capital Advisors LLC bought a new position in shares of Spectrum Brands during the 1st quarter worth about $253,000.

Wall Street Analysts Forecast Growth

SPB has been the subject of several research reports. Royal Bank Of Canada set a $75.00 target price on shares of Spectrum Brands and gave the company an "outperform" rating in a research note on Monday, August 11th. Wells Fargo & Company reduced their price objective on Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 9th. Wall Street Zen upgraded Spectrum Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Canaccord Genuity Group cut their target price on Spectrum Brands from $77.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.80.

Spectrum Brands Price Performance

NYSE SPB traded down $1.47 during trading on Friday, reaching $53.43. 267,940 shares of the company traded hands, compared to its average volume of 376,625. Spectrum Brands Holdings Inc. has a 1-year low of $50.73 and a 1-year high of $96.62. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 19.94 and a beta of 0.83. The stock's 50 day moving average price is $56.09 and its two-hundred day moving average price is $60.31. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.50 and a current ratio of 2.42.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $1.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.25 by ($0.01). The company had revenue of $699.60 million during 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 company's quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.13 earnings per share. As a group, analysts anticipate that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current year.

Spectrum Brands Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, August 26th. Spectrum Brands's payout ratio is currently 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.