Spectrum Brands Holdings Inc. $SPB Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Spectrum Brands by 53.3%, selling 801,268 shares and now owning 701,646 shares valued at approximately $38.9 million.
• Spectrum Brands missed earnings estimates for the last quarter, reporting $1.24 EPS compared to the expected $1.25 EPS, with a revenue decline of 10.2% year-over-year.
• The company announced a quarterly dividend of $0.47, resulting in an annual yield of 3.6%, with a payout ratio of 70.15%.

Allspring Global Investments Holdings LLC lessened its holdings in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 53.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 701,646 shares of the company's stock after selling 801,268 shares during the quarter. Allspring Global Investments Holdings LLC owned 2.86% of Spectrum Brands worth $38,885,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its stake in Spectrum Brands by 82.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,938 shares of the company's stock worth $425,000 after buying an additional 2,679 shares during the period. Manning & Napier Advisors LLC boosted its position in Spectrum Brands by 33.3% during the 1st quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company's stock worth $14,310,000 after purchasing an additional 50,000 shares during the period. Wealthquest Corp acquired a new stake in Spectrum Brands in the 1st quarter valued at $321,000. New York State Teachers Retirement System acquired a new stake in Spectrum Brands in the 1st quarter valued at $118,000. Finally, Cannon Global Investment Management LLC purchased a new position in Spectrum Brands in the first quarter valued at about $286,000.

Spectrum Brands Stock Performance

SPB stock opened at $51.59 on Thursday. The stock's 50 day simple moving average is $54.44 and its 200 day simple moving average is $57.21. Spectrum Brands Holdings Inc. has a 12-month low of $49.99 and a 12-month high of $96.62. The firm has a market cap of $1.25 billion, a P/E ratio of 19.25 and a beta of 0.81. 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 released its earnings results on Thursday, August 7th. The company reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.01). Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. The business had revenue of $699.60 million for the quarter, compared to the consensus estimate of $742.13 million. During the same quarter in the previous year, the firm earned $1.13 EPS. The firm's revenue for the quarter was down 10.2% on a year-over-year basis. As a group, equities research analysts predict that Spectrum Brands Holdings Inc. will post 5.06 EPS for the current year.

Spectrum Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Tuesday, August 26th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, August 26th. Spectrum Brands's payout ratio is presently 70.15%.

Wall Street Analyst Weigh In

SPB has been the subject of a number of recent research reports. Canaccord Genuity Group lowered 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. Royal Bank Of Canada set a $75.00 price objective on shares of Spectrum Brands and gave the company an "outperform" rating in a research report on Monday, August 11th. Wells Fargo & Company reduced their target price on shares of Spectrum Brands from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Thursday, September 25th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Spectrum Brands in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Spectrum Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold 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 $73.80.

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.

Want to see what other hedge funds are holding SPB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.