Wells Fargo & Company Has Lowered Expectations for Spectrum Brands (NYSE:SPB) Stock Price

Spectrum Brands (NYSE:SPB - Free Report) had its target price reduced by Wells Fargo & Company from $65.00 to $60.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently commented on SPB. UBS Group boosted their target price on shares of Spectrum Brands from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Canaccord Genuity Group set a $77.00 target price on shares of Spectrum Brands and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Finally, Monness Crespi & Hardt cut their price target on shares of Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $84.17.

Spectrum Brands Stock Down 0.1%

SPB traded down $0.06 during midday trading on Wednesday, hitting $57.58. The company had a trading volume of 439,836 shares, compared to its average volume of 449,093. Spectrum Brands has a 52 week low of $50.73 and a 52 week high of $96.62. The company has a quick ratio of 1.40, a current ratio of 2.34 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 27.55 and a beta of 0.90. The stock's 50 day moving average price is $57.48 and its 200 day moving average price is $68.56.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.67). The business had revenue of $675.70 million for the quarter, compared to the consensus estimate of $701.00 million. Spectrum Brands had a return on equity of 5.20% and a net margin of 2.02%. The company's revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 earnings per share. On average, research analysts anticipate that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Tuesday, May 27th. Spectrum Brands's payout ratio is 89.95%.

Insiders Place Their Bets

In other Spectrum Brands news, CEO David M. Maura sold 66,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $65.53, for a total value of $4,324,980.00. Following the transaction, the chief executive officer directly owned 723,607 shares in the company, valued at $47,417,966.71. The trade was a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Spectrum Brands by 82.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,938 shares of the company's stock valued at $425,000 after buying an additional 2,679 shares in the last quarter. Manning & Napier Advisors LLC lifted its stake in shares of Spectrum Brands by 33.3% during the 1st quarter. Manning & Napier Advisors LLC now owns 200,000 shares of the company's stock valued at $14,310,000 after buying an additional 50,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Spectrum Brands by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 450,807 shares of the company's stock worth $38,089,000 after acquiring an additional 7,198 shares during the period. New York State Teachers Retirement System bought a new stake in Spectrum Brands during the 1st quarter worth approximately $118,000. Finally, Wealthfront Advisers LLC bought a new stake in Spectrum Brands during the 4th quarter worth approximately $16,606,000.

About Spectrum Brands

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.