Boothe Investment Group Inc. Invests $2.55 Million in Newell Brands Inc (NWL)
Boothe Investment Group Inc. acquired a new stake in shares of Newell Brands Inc (NYSE:NWL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 98,665 shares of the company’s stock, valued at approximately $2,545,000. Newell Brands comprises about 2.4% of Boothe Investment Group Inc.’s portfolio, making the stock its 12th largest position.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwest Wealth Management LLC increased its holdings in shares of Newell Brands by 5,180.7% during the 2nd quarter. Northwest Wealth Management LLC now owns 4,383 shares of the company’s stock valued at $113,000 after acquiring an additional 4,300 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Newell Brands in the 2nd quarter valued at approximately $146,000. Fairfield Bush & CO. acquired a new stake in Newell Brands in the 1st quarter valued at approximately $148,000. Synovus Financial Corp acquired a new stake in Newell Brands in the 1st quarter valued at approximately $150,000. Finally, PenderFund Capital Management Ltd. acquired a new stake in Newell Brands in the 2nd quarter valued at approximately $266,000. 96.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of NWL stock opened at $21.75 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 3.17 and a debt-to-equity ratio of 0.66. Newell Brands Inc has a 12 month low of $20.21 and a 12 month high of $49.40. The company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 7.96, a PEG ratio of 3.99 and a beta of 0.73.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, August 31st will be given a $0.23 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.23%. Newell Brands’s dividend payout ratio is currently 33.45%.
Newell Brands declared that its board has approved a stock buyback program on Monday, June 11th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the company to reacquire up to 19.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
NWL has been the topic of a number of research analyst reports. Citigroup lowered their target price on Newell Brands from $36.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, August 8th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Newell Brands in a report on Monday, June 11th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $24.00 target price on shares of Newell Brands in a report on Wednesday, August 8th. BMO Capital Markets lowered their target price on Newell Brands from $27.00 to $25.00 and set a “hold” rating on the stock in a report on Wednesday, August 8th. Finally, Jefferies Financial Group lowered their target price on Newell Brands from $29.00 to $23.00 and set a “hold” rating on the stock in a report on Wednesday, August 8th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.29.
In related news, Director James Craigie bought 11,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was acquired at an average price of $21.33 per share, for a total transaction of $245,295.00. Following the transaction, the director now directly owns 14,081 shares of the company’s stock, valued at $300,347.73. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael B. Polk bought 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average price of $20.63 per share, with a total value of $206,300.00. Following the transaction, the chief executive officer now directly owns 941,951 shares in the company, valued at $19,432,449.13. The disclosure for this purchase can be found here. 0.97% of the stock is currently owned by company insiders.
Newell Brands Profile
Newell Brands Inc designs, manufactures, sources, and distributes consumer and commercial products worldwide. The company's Live segment offers household products, including kitchen appliances, gourmet cookware, bakeware and cutlery, food storage and home storage products, fresh preserving products, and home fragrance products; and baby gear, infant care, and health products primarily under Aprica, Baby Jogger, Ball, Calphalon, Chesapeake Bay Candle, Crock-Pot, FoodSaver, Graco, Mr.
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