Gotham Asset Management LLC Reduces Position in Newell Brands Inc. (NWL)
Gotham Asset Management LLC lessened its holdings in Newell Brands Inc. (NYSE:NWL) by 55.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 316,443 shares of the company’s stock after selling 386,851 shares during the quarter. Gotham Asset Management LLC owned approximately 0.06% of Newell Brands worth $16,968,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Eaton Vance Management raised its holdings in Newell Brands by 2.1% during the 2nd quarter. Eaton Vance Management now owns 4,055,702 shares of the company’s stock worth $217,467,000 after purchasing an additional 82,184 shares during the last quarter. King Luther Capital Management Corp raised its holdings in Newell Brands by 1.0% during the 2nd quarter. King Luther Capital Management Corp now owns 3,203,006 shares of the company’s stock worth $171,745,000 after purchasing an additional 30,576 shares during the last quarter. Bellwether Investment Group LLC raised its holdings in Newell Brands by 2.0% during the 2nd quarter. Bellwether Investment Group LLC now owns 5,501 shares of the company’s stock worth $295,000 after purchasing an additional 110 shares during the last quarter. PICTET BANK & TRUST Ltd bought a new position in Newell Brands during the 2nd quarter worth approximately $2,102,000. Finally, Commerce Bank raised its holdings in Newell Brands by 3.0% during the 2nd quarter. Commerce Bank now owns 1,155,963 shares of the company’s stock worth $61,983,000 after purchasing an additional 33,531 shares during the last quarter. Institutional investors and hedge funds own 92.36% of the company’s stock.
In other Newell Brands news, Director Scott S. Cowen bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was bought at an average price of $43.60 per share, for a total transaction of $87,200.00. Following the completion of the acquisition, the director now directly owns 87,883 shares in the company, valued at $3,831,698.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael B. Polk bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The shares were acquired at an average price of $43.61 per share, with a total value of $218,050.00. Following the acquisition, the chief executive officer now owns 609,296 shares of the company’s stock, valued at $26,571,398.56. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 7,100 shares of company stock valued at $309,715. 0.97% of the stock is owned by corporate insiders.
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Shares of Newell Brands Inc. (NYSE:NWL) traded up 0.23% during mid-day trading on Friday, hitting $43.90. 5,990,681 shares of the stock traded hands. The firm’s 50-day moving average is $44.92 and its 200-day moving average is $49.44. Newell Brands Inc. has a 52 week low of $40.88 and a 52 week high of $55.08. The stock has a market cap of $21.52 billion, a price-to-earnings ratio of 17.53 and a beta of 1.15.
Newell Brands (NYSE:NWL) last announced its earnings results on Friday, August 4th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.01. The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $3.96 billion. Newell Brands had a return on equity of 11.47% and a net margin of 7.87%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. On average, analysts forecast that Newell Brands Inc. will post $3.00 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, August 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.10%. Newell Brands’s dividend payout ratio is presently 36.95%.
Newell Brands declared that its Board of Directors has approved a share repurchase plan on Tuesday, September 26th that allows the company to buyback $256.00 million in shares. This buyback authorization allows the company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
NWL has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Newell Brands from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, August 1st. J P Morgan Chase & Co set a $61.00 price target on shares of Newell Brands and gave the stock a “buy” rating in a report on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $65.00 price target (down previously from $66.00) on shares of Newell Brands in a report on Monday, August 7th. BidaskClub upgraded shares of Newell Brands from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Forward View restated a “buy” rating and set a $58.00 price target on shares of Newell Brands in a report on Monday, September 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $56.31.
Newell Brands Company Profile
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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