Spectrum Brands Holdings Inc. $SPB Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Spectrum Brands stake by 11.9% in the third quarter, reaching 130,948 shares valued at approximately $10.4 million. Several other major institutional investors also initiated or expanded positions.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $97.86; targets range from $92 to $110.
• Spectrum Brands reported quarterly earnings of $2.79 per share, exceeding estimates of $1.46, while revenue rose 7.7% year over year to $753.3 million. The company also declared a quarterly dividend of $0.47 per share, equivalent to a 2.5% annualized yield.

Assenagon Asset Management S.A. lifted its position in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 11.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 130,948 shares of the company's stock after buying an additional 13,893 shares during the period. Assenagon Asset Management S.A. owned 0.57% of Spectrum Brands worth $10,412,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SPB. Pzena Investment Management LLC bought a new position in Spectrum Brands during the 2nd quarter valued at $207,584,000. BlackRock Inc. bought a new stake in shares of Spectrum Brands in the 2nd quarter worth about $166,197,000. Alberta Investment Management Corp acquired a new stake in shares of Spectrum Brands in the 2nd quarter valued at about $46,353,000. Manning & Napier Advisors LLC acquired a new stake in shares of Spectrum Brands in the 2nd quarter valued at about $26,496,000. Finally, Bank of America Corp DE bought a new position in shares of Spectrum Brands during the second quarter worth about $24,742,000.

Analysts Set New Price Targets

SPB has been the subject of several research reports. Royal Bank Of Canada lowered Spectrum Brands from an "outperform" rating to a "sector perform" rating and lifted their target price for the stock from $85.00 to $92.00 in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $96.00 price objective on shares of Spectrum Brands in a research note on Monday, August 10th. Wall Street Zen raised shares of Spectrum Brands from a "hold" rating to a "buy" rating in a report on Saturday, September 5th. Canaccord Genuity Group boosted their target price on shares of Spectrum Brands from $99.00 to $110.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, UBS Group began coverage on shares of Spectrum Brands in a report on Thursday, October 15th. They set a "buy" rating and a $97.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $97.86.

Spectrum Brands Stock Down 3.2%

Shares of SPB opened at $76.52 on Tuesday. The stock's 50-day moving average price is $84.41 and its two-hundred day moving average price is $83.40. Spectrum Brands Holdings Inc. has a 12 month low of $51.41 and a 12 month high of $99.06. The company has a market capitalization of $1.76 billion, a PE ratio of 23.33, a PEG ratio of 2.80 and a beta of 0.78. The company has a current ratio of 2.41, a quick ratio of 1.61 and a debt-to-equity ratio of 0.33.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its earnings results on Friday, August 7th. The company reported $2.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $1.33. Spectrum Brands had a return on equity of 10.06% and a net margin of 2.76%. The business had revenue of $753.30 million during the quarter, compared to the consensus estimate of $732.19 million. During the same period in the previous year, the company posted $1.24 earnings per share. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. On average, analysts anticipate that Spectrum Brands Holdings Inc. will post 6.39 EPS for the current year.

Spectrum Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Tuesday, August 25th were given a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, August 25th. This represents a $1.88 annualized dividend and a yield of 2.5%. Spectrum Brands's payout ratio is currently 57.32%.

About Spectrum Brands

Spectrum Brands Holdings, Inc is a global consumer products company headquartered in Middleton, Wisconsin. The company develops, markets and distributes branded products for use in homes, gardens and by pet owners, selling through mass retailers, e-commerce channels, specialty stores and other retail outlets in North America and international markets.

Spectrum Brands' portfolio has historically included home and personal care products under brands such as Remington, Russell Hobbs, George Foreman and Black+Decker, as well as pet care products marketed under brands including Tetra, FURminator, Nature's Miracle and 8-in-1.

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