Wall Street Zen Upgrades Spectrum Brands (NYSE:SPB) to “Buy”

by · The Cerbat Gem

Spectrum Brands (NYSE:SPB – Get Free Report) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also recently commented on SPB. Oppenheimer raised their price target on Spectrum Brands from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Wells Fargo & Company upped their price objective on Spectrum Brands from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Weiss Ratings cut Spectrum Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $96.00 target price on shares of Spectrum Brands in a research note on Monday, August 10th. Finally, Canaccord Genuity Group boosted their price target on Spectrum Brands from $99.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.83.

Read Our Latest Stock Analysis on Spectrum Brands

Spectrum Brands Price Performance

Shares of NYSE:SPB opened at $88.70 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.41 and a quick ratio of 1.61. Spectrum Brands has a 1-year low of $49.99 and a 1-year high of $99.06. The company has a market capitalization of $2.04 billion, a P/E ratio of 27.04, a P/E/G ratio of 2.79 and a beta of 0.65. The firm’s 50 day simple moving average is $87.60 and its two-hundred day simple moving average is $82.03.

Spectrum Brands (NYSE:SPB – Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $1.33. Spectrum Brands had a net margin of 2.76% and a return on equity of 10.06%. The business had revenue of $753.30 million during the quarter, compared to analyst estimates of $732.19 million. During the same period in the prior year, the business posted $1.24 earnings per share. The company’s revenue was up 7.7% on a year-over-year basis. Research analysts expect that Spectrum Brands will post 6.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Spectrum Brands

Several large investors have recently made changes to their positions in the company. Amundi purchased a new position in Spectrum Brands during the 1st quarter valued at approximately $176,000. Millennium Management LLC raised its holdings in shares of Spectrum Brands by 64.7% during the 1st quarter. Millennium Management LLC now owns 166,496 shares of the company’s stock worth $11,913,000 after acquiring an additional 65,424 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Spectrum Brands by 173.0% during the 1st quarter. NewEdge Advisors LLC now owns 5,389 shares of the company’s stock worth $386,000 after acquiring an additional 3,415 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Spectrum Brands by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 393,084 shares of the company’s stock valued at $28,125,000 after purchasing an additional 114,143 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Spectrum Brands by 6.0% in the 1st 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 acquiring an additional 6,321 shares during the last quarter.

Spectrum Brands Company Profile

(Get Free Report)

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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