Spectrum Brands (NYSE:SPB) Price Target Lowered to $55.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced the price target for Spectrum Brands from $60.00 to $55.00, maintaining an "equal weight" rating, which indicates limited upside potential.
• Despite the downgrade, Spectrum Brands retains an overall average rating of "Moderate Buy" with a consensus price target of $73.80, supported by four analysts giving it a Buy rating.
• In its latest earnings report, Spectrum Brands missed analysts’ estimates with earnings per share of $1.24, and reported a revenue drop of 10.2% year-over-year.

Spectrum Brands (NYSE:SPB - Get Free Report) had its price target cut by research analysts at Wells Fargo & Company from $60.00 to $55.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 4.41% from the stock's previous close.

SPB has been the topic of several other research reports. Wall Street Zen upgraded shares of Spectrum Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Canaccord Genuity Group reduced their price objective 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. Finally, Royal Bank Of Canada set a $75.00 target price on Spectrum Brands and gave the stock an "outperform" rating in a report on Monday, August 11th. Four analysts have rated the stock with a Buy rating and one has issued 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 $73.80.

Spectrum Brands Trading Up 1.6%

NYSE SPB opened at $52.68 on Thursday. Spectrum Brands has a one year low of $50.73 and a one year high of $96.62. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.50 and a current ratio of 2.42. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 19.66 and a beta of 0.83. The company's 50-day simple moving average is $55.55 and its two-hundred day simple moving average is $59.17.

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). The business had revenue of $699.60 million for the quarter, compared to the consensus estimate of $742.13 million. Spectrum Brands had a net margin of 2.56% and a return on equity of 5.27%. Spectrum Brands's revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.13 earnings per share. Equities analysts forecast that Spectrum Brands will post 5.06 EPS for the current fiscal year.

Institutional Trading of Spectrum Brands

A number of hedge funds and other institutional investors have recently modified their holdings of SPB. Callodine Capital Management LP grew its position in Spectrum Brands by 85.5% in the second quarter. Callodine Capital Management LP now owns 1,354,057 shares of the company's stock worth $71,765,000 after acquiring an additional 624,057 shares during the period. American Century Companies Inc. raised its holdings in Spectrum Brands by 35.9% in the 2nd quarter. American Century Companies Inc. now owns 1,792,765 shares of the company's stock valued at $95,017,000 after buying an additional 473,345 shares during the period. AQR Capital Management LLC lifted its position in Spectrum Brands by 142.5% in the first quarter. AQR Capital Management LLC now owns 634,137 shares of the company's stock valued at $44,592,000 after buying an additional 372,630 shares during the last quarter. Norges Bank acquired a new stake in shares of Spectrum Brands during the second quarter valued at about $16,844,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Spectrum Brands during the second quarter worth $15,409,000.

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.

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