Victory Capital Management Inc. Increases Stock Position in Spectrum Brands Holdings Inc. (NYSE:SPB)

Key Points

• Victory Capital Management Inc. increased its holdings in Spectrum Brands by 162.0%, owning 60,600 shares worth approximately $4.34 million as of its latest SEC filing.
• Spectrum Brands reported a $0.68 earnings per share for the quarter, missing estimates, with a revenue of $675.70 million, down 6.0% year-over-year.
• The company declared a quarterly dividend of $0.47, representing a 3.12% yield, with a payout ratio of 89.95%.

Victory Capital Management Inc. raised its holdings in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 162.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,600 shares of the company's stock after acquiring an additional 37,467 shares during the quarter. Victory Capital Management Inc. owned approximately 0.23% of Spectrum Brands worth $4,336,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SPB. Edgestream Partners L.P. purchased a new position in Spectrum Brands in the 1st quarter worth approximately $1,001,000. MQS Management LLC purchased a new position in shares of Spectrum Brands in the first quarter worth $338,000. CWM LLC boosted its position in shares of Spectrum Brands by 217.8% during the first quarter. CWM LLC now owns 8,043 shares of the company's stock worth $575,000 after acquiring an additional 5,512 shares during the last quarter. Cerity Partners LLC grew its stake in Spectrum Brands by 14.9% during the first quarter. Cerity Partners LLC now owns 6,486 shares of the company's stock valued at $464,000 after acquiring an additional 841 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new stake in Spectrum Brands in the 1st quarter valued at $1,789,000.

Insider Buying and Selling

In related news, CEO David M. Maura sold 66,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 723,607 shares in the company, valued at approximately $47,417,966.71. The trade was a 8.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.90% of the stock is owned by corporate insiders.

Spectrum Brands Trading Down 3.6%

Shares of NYSE:SPB traded down $2.17 during trading hours on Monday, hitting $58.10. 654,136 shares of the company's stock traded hands, compared to its average volume of 540,182. The firm has a market capitalization of $1.43 billion, a P/E ratio of 27.80 and a beta of 0.90. The business has a fifty day moving average price of $56.02 and a 200-day moving average price of $66.55. Spectrum Brands Holdings Inc. has a 1 year low of $50.73 and a 1 year high of $96.62. 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 (NYSE:SPB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.35 by ($0.67). Spectrum Brands had a return on equity of 5.20% and a net margin of 2.02%. The business had revenue of $675.70 million for the quarter, compared to the consensus estimate of $701.00 million. During the same period in the prior year, the business posted $1.62 earnings per share. Spectrum Brands's revenue was down 6.0% on a year-over-year basis. Equities analysts expect that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.88 annualized dividend and a yield of 3.24%. Spectrum Brands's dividend payout ratio (DPR) is 89.95%.

Wall Street Analysts Forecast Growth

SPB has been the subject of a number of research analyst reports. Wells Fargo & Company cut 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. Canaccord Genuity Group set a $77.00 price target on Spectrum Brands and gave the company a "buy" rating in a report on Wednesday, June 25th. Monness Crespi & Hardt decreased their price objective on Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, UBS Group raised 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. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $84.17.

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.