Spectrum Brands Holdings Inc. $SPB Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Spectrum Brands stake by 26% in the first quarter, selling 82,197 shares and retaining 233,397 shares valued at approximately $17.2 million.
• Spectrum Brands reported quarterly EPS of $1.25, beating the $1.04 analyst consensus, while revenue rose 4.9% year over year to $708.9 million.
• The company maintains a quarterly dividend of $0.47 per share, equivalent to an annualized $1.88 payout and a 2.1% yield. Analysts’ average rating is “Moderate Buy,” with an average price target of $87.

Bank of New York Mellon Corp cut its stake in Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 26.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 233,397 shares of the company's stock after selling 82,197 shares during the period. Bank of New York Mellon Corp owned about 1.01% of Spectrum Brands worth $17,201,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SPB. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Spectrum Brands by 7,237.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 587 shares of the company's stock valued at $31,000 after buying an additional 579 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of Spectrum Brands by 96.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 630 shares of the company's stock worth $37,000 after buying an additional 310 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Spectrum Brands by 111.7% during the fourth quarter. Farther Finance Advisors LLC now owns 635 shares of the company's stock worth $38,000 after buying an additional 335 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Spectrum Brands during the second quarter worth approximately $41,000. Finally, Quarry LP acquired a new stake in Spectrum Brands in the third quarter valued at approximately $51,000.

Spectrum Brands Stock Down 2.2%

Spectrum Brands stock opened at $88.51 on Thursday. The company has a market capitalization of $2.04 billion, a P/E ratio of 16.89, a PEG ratio of 2.84 and a beta of 0.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.42 and a current ratio of 2.29. Spectrum Brands Holdings Inc. has a fifty-two week low of $49.99 and a fifty-two week high of $91.42. The stock has a 50-day simple moving average of $83.85 and a 200-day simple moving average of $78.04.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.21. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.The firm had revenue of $708.90 million for the quarter, compared to the consensus estimate of $676.45 million. During the same quarter last year, the business posted $0.68 EPS. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts expect that Spectrum Brands Holdings Inc. will post 5.32 earnings per share for the current year.

Spectrum Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.1%. Spectrum Brands's dividend payout ratio (DPR) is 35.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SPB. Wells Fargo & Company increased their price objective on shares of Spectrum Brands from $80.00 to $85.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $81.00 price objective on shares of Spectrum Brands in a report on Friday, May 8th. Canaccord Genuity Group reduced their price objective on shares of Spectrum Brands from $100.00 to $99.00 and set a "buy" rating for the company in a research report on Wednesday, June 17th. Wall Street Zen downgraded shares of Spectrum Brands from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Spectrum Brands in a research report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $87.00.

Insider Activity at Spectrum Brands

In other Spectrum Brands news, CEO David M. Maura bought 2,500 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average cost of $72.85 per share, with a total value of $182,125.00. Following the acquisition, the chief executive officer directly owned 790,708 shares of the company's stock, valued at $57,603,077.80. The trade was a 0.32% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 4.50% of the stock is owned by insiders.

Spectrum Brands Company Profile

Spectrum Brands Holdings, Inc is a global consumer products company that develops and markets a diverse portfolio of branded household and personal care products. Organized into four principal business segments—Hardware & Home Improvement, Home & Garden, Pet, and Appliances & Personal Care—the company offers a broad range of items including security and plumbing solutions, small electric appliances, grooming tools, and pet care accessories. Its hardware division features well-known brands such as Kwikset, Baldwin and Pfister, while the home appliance segment is anchored by names like Russell Hobbs and Remington.

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