Alberta Investment Management Corp Increases Stock Holdings in Spectrum Brands Holdings Inc. (NYSE:SPB)

Key Points

• Alberta Investment Management Corp increased its stake in Spectrum Brands by 33.1%, acquiring an additional 186,729 shares, bringing its total holdings to 750,029 shares worth approximately $53.67 million.
• Spectrum Brands Holdings reported a net loss for the quarter, with earnings per share (EPS) of $0.68, missing analysts' expectations of $1.35, and revenue declining 6.0% year-over-year.
• The company is trading at $53.49 per share, down 2.2%, with a market capitalization of $1.31 billion and a dividend yield of 3.5%.

Alberta Investment Management Corp grew its position in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 33.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 750,029 shares of the company's stock after acquiring an additional 186,729 shares during the quarter. Alberta Investment Management Corp owned about 2.85% of Spectrum Brands worth $53,665,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Man Group plc grew its holdings in Spectrum Brands by 160.5% during the 4th quarter. Man Group plc now owns 320,178 shares of the company's stock worth $27,052,000 after acquiring an additional 197,263 shares in the last quarter. Two Sigma Advisers LP raised its position in Spectrum Brands by 403.9% during the 4th quarter. Two Sigma Advisers LP now owns 233,800 shares of the company's stock worth $19,754,000 after buying an additional 187,400 shares during the last quarter. Callodine Capital Management LP raised its position in Spectrum Brands by 29.8% during the 4th quarter. Callodine Capital Management LP now owns 527,500 shares of the company's stock worth $44,568,000 after buying an additional 121,000 shares during the last quarter. First Trust Advisors LP raised its position in Spectrum Brands by 261.9% during the 4th quarter. First Trust Advisors LP now owns 163,143 shares of the company's stock worth $13,784,000 after buying an additional 118,060 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Spectrum Brands by 76.4% during the 4th quarter. AQR Capital Management LLC now owns 261,507 shares of the company's stock worth $22,095,000 after buying an additional 113,238 shares during the last quarter.

Spectrum Brands Stock Up 1.3%

Shares of SPB stock traded up $0.68 during trading hours on Tuesday, reaching $53.62. 269,636 shares of the stock were exchanged, compared to its average volume of 538,884. The business's fifty day moving average is $55.43 and its two-hundred day moving average is $65.52. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.34 and a quick ratio of 1.40. Spectrum Brands Holdings Inc. has a 12-month low of $50.73 and a 12-month high of $96.62. The firm has a market capitalization of $1.32 billion, a P/E ratio of 25.66 and a beta of 0.86.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.67). Spectrum Brands had a net margin of 2.02% and a return on equity of 5.20%. The firm had revenue of $675.70 million during the quarter, compared to analyst estimates of $701.00 million. During the same period in the previous year, the company posted $1.62 earnings per share. Spectrum Brands's revenue was down 6.0% compared to the same quarter last year. As a group, research analysts expect that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPB. UBS Group lifted 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. Wells Fargo & Company dropped 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 note on Wednesday, July 9th. Monness Crespi & Hardt dropped their price target on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Finally, Canaccord Genuity Group set a $77.00 price target on shares of Spectrum Brands and gave the company a "buy" rating in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $84.17.

Insider Transactions at Spectrum Brands

In other news, CEO David M. Maura sold 66,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $65.53, for a total value of $4,324,980.00. Following the completion of the transaction, the chief executive officer owned 723,607 shares in the company, valued at $47,417,966.71. This trade represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 3.90% of the company's stock.

About Spectrum Brands

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.