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

Spectrum Brands (NYSE:SPB - Free Report) had its target price trimmed by Wells Fargo & Company from $65.00 to $60.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. UBS Group upped their price objective on Spectrum Brands from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Monness Crespi & Hardt dropped their price objective on Spectrum Brands from $106.00 to $86.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Finally, Canaccord Genuity Group set a $77.00 price objective on Spectrum Brands and gave the stock a "buy" rating in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Spectrum Brands currently has an average rating of "Moderate Buy" and an average price target of $84.17.

Spectrum Brands Stock Up 0.4%

NYSE:SPB traded up $0.25 during trading hours on Wednesday, reaching $56.69. 462,537 shares of the stock were exchanged, compared to its average volume of 449,530. Spectrum Brands has a twelve month low of $50.73 and a twelve month high of $96.62. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.34 and a quick ratio of 1.40. The firm has a 50 day moving average of $57.85 and a 200 day moving average of $69.13. The stock has a market cap of $1.39 billion, a PE ratio of 27.12 and a beta of 0.90.

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

Spectrum Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.32%. Spectrum Brands's payout ratio is currently 89.95%.

Insiders Place Their Bets

In other Spectrum Brands news, CEO David M. Maura sold 5,180 shares of Spectrum Brands stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $63.77, for a total value of $330,328.60. Following the completion of the sale, the chief executive officer directly owned 718,427 shares in the company, valued at approximately $45,814,089.79. The trade was a 0.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.90% of the company's stock.

Institutional Investors Weigh In On Spectrum Brands

Several hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its holdings in shares of Spectrum Brands by 7.5% during the first quarter. American Century Companies Inc. now owns 1,319,420 shares of the company's stock valued at $94,405,000 after acquiring an additional 92,418 shares in the last quarter. Alberta Investment Management Corp increased its holdings in shares of Spectrum Brands by 33.1% during the first quarter. Alberta Investment Management Corp now owns 750,029 shares of the company's stock valued at $53,665,000 after acquiring an additional 186,729 shares in the last quarter. Callodine Capital Management LP increased its holdings in shares of Spectrum Brands by 38.4% during the first quarter. Callodine Capital Management LP now owns 730,000 shares of the company's stock valued at $52,232,000 after acquiring an additional 202,500 shares in the last quarter. Armistice Capital LLC increased its holdings in shares of Spectrum Brands by 20.0% during the first quarter. Armistice Capital LLC now owns 691,000 shares of the company's stock valued at $49,441,000 after acquiring an additional 115,143 shares in the last quarter. Finally, LSV Asset Management lifted its position in shares of Spectrum Brands by 2.7% during the first quarter. LSV Asset Management now owns 662,475 shares of the company's stock valued at $47,400,000 after purchasing an additional 17,445 shares in the last quarter.

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.