Spectrum Brands (NYSE:SPB) Price Target Lowered to $60.00 at Wells Fargo & Company

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

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

Spectrum Brands Trading Down 0.1%

Shares of SPB traded down $0.06 during mid-day trading on Wednesday, reaching $57.58. The company's stock had a trading volume of 439,836 shares, compared to its average volume of 449,129. The company's fifty day moving average price is $57.73 and its two-hundred day moving average price is $69.04. Spectrum Brands has a 52 week low of $50.73 and a 52 week high of $96.62. The stock has a market cap of $1.41 billion, a PE ratio of 27.55 and a beta of 0.90. The company has a current ratio of 2.34, a quick ratio of 1.40 and a debt-to-equity ratio of 0.34.

Spectrum Brands (NYSE:SPB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.67). The company 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%. Spectrum Brands's revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.62 earnings per share. On average, analysts predict that Spectrum Brands will post 5.06 earnings per share for the current fiscal year.

Spectrum Brands Announces Dividend

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

Insider Buying and Selling at Spectrum Brands

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 stock was sold at an average price of $65.53, for a total value of $4,324,980.00. Following the completion of the transaction, the chief executive officer owned 723,607 shares of the company's stock, valued at approximately $47,417,966.71. The trade was a 8.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spectrum Brands

Institutional investors have recently made changes to their positions in the business. Strs Ohio bought a new position in Spectrum Brands in the first quarter worth approximately $1,716,000. Acadian Asset Management LLC raised its holdings in Spectrum Brands by 1,433.7% in the 1st quarter. Acadian Asset Management LLC now owns 101,728 shares of the company's stock worth $7,268,000 after purchasing an additional 95,095 shares during the period. Focus Partners Wealth purchased a new position in Spectrum Brands during the first quarter valued at $204,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Spectrum Brands by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 111,571 shares of the company's stock valued at $7,983,000 after purchasing an additional 6,321 shares during the period. Finally, Caxton Associates LLP purchased a new stake in Spectrum Brands in the first quarter worth about $1,849,000.

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.