Manning & Napier Advisors LLC Buys Shares of 308,987 Spectrum Brands Holdings Inc. $SPB

Manning & Napier Advisors LLC purchased a new stake in Spectrum Brands Holdings Inc. (NYSE:SPB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 308,987 shares of the company’s stock, valued at approximately $26,496,000.

Several other hedge funds and other institutional investors also recently modified their holdings of SPB. Pzena Investment Management LLC acquired a new position in shares of Spectrum Brands during the 2nd quarter worth $207,584,000. Northwestern Mutual Wealth Management Co. boosted its stake in Spectrum Brands by 374,119.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock valued at $129,779,000 after buying an additional 2,196,079 shares in the last quarter. BlackRock Inc. bought a new position in Spectrum Brands in the second quarter valued at about $166,197,000. Alberta Investment Management Corp bought a new position in Spectrum Brands in the second quarter valued at about $46,353,000. Finally, Callodine Capital Management LP raised its stake in Spectrum Brands by 20.4% during the fourth quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company’s stock worth $122,013,000 after acquiring an additional 350,261 shares in the last quarter.

Spectrum Brands Price Performance

Shares of SPB opened at $88.32 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. The stock has a market cap of $2.03 billion, a PE ratio of 26.93, a PEG ratio of 2.74 and a beta of 0.63. Spectrum Brands Holdings Inc. has a 12-month low of $49.99 and a 12-month high of $99.06. The business has a 50-day simple moving average of $86.90 and a two-hundred day simple moving average of $81.17.

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

Spectrum Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Tuesday, August 25th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 25th. Spectrum Brands’s dividend payout ratio (DPR) is 57.32%.

Analysts Set New Price Targets

A number of research firms have recently commented on SPB. Monness Crespi & Hardt increased their target price on shares of Spectrum Brands from $86.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings lowered shares of Spectrum Brands from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $96.00 price objective on shares of Spectrum Brands in a research report on Monday, August 10th. Wall Street Zen downgraded shares of Spectrum Brands from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Oppenheimer raised their target price on shares of Spectrum Brands from $85.00 to $100.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spectrum Brands currently has a consensus rating of “Hold” and a consensus price target of $98.83.

About Spectrum Brands

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.