Spectrum Brands (NYSE:SPB) Sets New 52-Week High Following Dividend Announcement

Key Points

• Spectrum Brands shares jumped to a new 52-week high of $85.53 (last around $85.05) following the company's dividend announcement and higher trading volume.
• The company declared a dividend of $0.47 per share (annualized $1.88) implying a ~2.2% yield, with the reported ex-dividend/record date on May 26 and payment on June 16.
• Analyst sentiment is positive—several firms raised targets up to $85 and MarketBeat shows a consensus Moderate Buy with an $83 target—while Spectrum recently beat quarterly EPS estimates ($1.40 vs. $0.77).

Spectrum Brands Holdings Inc. (NYSE:SPB - Get Free Report) reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $85.53 and last traded at $85.05, with a volume of 109658 shares traded. The stock had previously closed at $82.38.The newly announced dividend which will be paid on Tuesday, June 16th. Shareholders of record on Tuesday, May 26th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, May 26th. Spectrum Brands's payout ratio is 43.42%.

Analyst Ratings Changes

A number of analysts have issued reports on SPB shares. Weiss Ratings raised Spectrum Brands from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Wells Fargo & Company boosted their target price on Spectrum Brands from $62.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, February 6th. Oppenheimer boosted their target price on Spectrum Brands from $75.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, February 6th. Finally, Royal Bank Of Canada set a $85.00 target price on Spectrum Brands in a report on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Spectrum Brands currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.00.

Spectrum Brands Price Performance

The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 2.69 and a beta of 0.67. The company has a 50-day moving average of $77.75 and a 200-day moving average of $67.16. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.38 and a current ratio of 2.21.

Spectrum Brands (NYSE:SPB - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.63. Spectrum Brands had a return on equity of 7.65% and a net margin of 3.76%.The firm had revenue of $677.00 million for the quarter, compared to analysts' expectations of $667.59 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The firm's revenue for the quarter was down 3.3% on a year-over-year basis. As a group, equities research analysts predict that Spectrum Brands Holdings Inc. will post 4.9 earnings per share for the current year.

Institutional Investors Weigh In On Spectrum Brands

Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Spectrum Brands by 7,237.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 587 shares of the company's stock worth $31,000 after acquiring an additional 579 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Spectrum Brands by 96.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 630 shares of the company's stock worth $37,000 after acquiring an additional 310 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Spectrum Brands by 111.7% during the 4th quarter. Farther Finance Advisors LLC now owns 635 shares of the company's stock worth $38,000 after acquiring an additional 335 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Spectrum Brands during the 2nd quarter worth approximately $41,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Spectrum Brands during the 3rd quarter worth approximately $49,000.

About Spectrum Brands

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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