Cubist Systematic Strategies LLC Sells 67,384 Shares of Spectrum Brands Holdings Inc. $SPB

Key Points

• Cubist Systematic Strategies LLC sold 72% of its stake in Spectrum Brands Holdings, reducing its ownership to 26,157 shares worth approximately $1.87 million.
• Spectrum Brands reported a net revenue decline of 10.2% year-over-year, with quarterly earnings of $1.24 per share, missing analysts' expectations by $0.01.
• The company announced a quarterly dividend of $0.47, representing an annualized return of 3.3%, with a payout ratio of 70.15%.

Cubist Systematic Strategies LLC decreased its stake in shares of Spectrum Brands Holdings Inc. (NYSE:SPB - Free Report) by 72.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,157 shares of the company's stock after selling 67,384 shares during the period. Cubist Systematic Strategies LLC owned about 0.10% of Spectrum Brands worth $1,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in Spectrum Brands by 82.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,938 shares of the company's stock worth $425,000 after purchasing an additional 2,679 shares during the last quarter. Manning & Napier Advisors LLC boosted its position in Spectrum Brands by 33.3% in the first 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 last quarter. New York State Teachers Retirement System purchased a new position in Spectrum Brands in the first quarter worth $118,000. GAMMA Investing LLC boosted its position in Spectrum Brands by 4,757.5% in the first quarter. GAMMA Investing LLC now owns 15,884 shares of the company's stock worth $1,137,000 after purchasing an additional 15,557 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in Spectrum Brands in the first quarter worth $386,000.

Spectrum Brands Stock Performance

Shares of NYSE:SPB traded down $1.47 during midday trading on Friday, reaching $53.43. 267,940 shares of the company traded hands, compared to its average volume of 376,625. The company has a quick ratio of 1.50, a current ratio of 2.42 and a debt-to-equity ratio of 0.35. 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 $1.29 billion, a price-to-earnings ratio of 19.94 and a beta of 0.83. The firm's fifty day moving average price is $56.09 and its two-hundred day moving average price is $60.44.

Spectrum Brands (NYSE:SPB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $1.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.25 by ($0.01). Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. The company 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 posted $1.13 earnings per share. The business's revenue for the quarter was down 10.2% compared to the same quarter last year. On average, equities analysts expect that Spectrum Brands Holdings Inc. will post 5.06 earnings per share for the current year.

Spectrum Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, August 26th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, August 26th. Spectrum Brands's payout ratio is presently 70.15%.

Analyst Ratings Changes

Several research firms have weighed in on SPB. Wells Fargo & Company cut their price objective on Spectrum Brands from $65.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 9th. Canaccord Genuity Group cut their price objective on Spectrum Brands from $77.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada set a $75.00 price objective on Spectrum Brands and gave the stock an "outperform" rating in a research report on Monday, August 11th. Finally, Wall Street Zen upgraded Spectrum Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spectrum Brands has a consensus rating of "Moderate Buy" and an average target price of $74.80.

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.