Steward Partners Investment Advisory LLC Acquires New Stake in Newell Brands Inc. (NWL)
Steward Partners Investment Advisory LLC acquired a new position in Newell Brands Inc. (NYSE:NWL) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,588 shares of the company’s stock, valued at approximately $238,000.
Several other institutional investors have also recently modified their holdings of NWL. Schwab Charles Investment Management Inc. raised its position in shares of Newell Brands by 2.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,464,507 shares of the company’s stock worth $78,527,000 after purchasing an additional 37,198 shares during the last quarter. First Trust Advisors LP acquired a new position in shares of Newell Brands during the 2nd quarter worth about $5,573,000. Teacher Retirement System of Texas raised its position in shares of Newell Brands by 8.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 5,044 shares of the company’s stock worth $270,000 after purchasing an additional 403 shares during the last quarter. Legal & General Group Plc raised its position in shares of Newell Brands by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 2,200,891 shares of the company’s stock worth $118,011,000 after purchasing an additional 19,575 shares during the last quarter. Finally, Comerica Bank raised its position in shares of Newell Brands by 1.0% during the 2nd quarter. Comerica Bank now owns 118,101 shares of the company’s stock worth $6,212,000 after purchasing an additional 1,147 shares during the last quarter. Institutional investors and hedge funds own 94.31% of the company’s stock.
Shares of Newell Brands Inc. (NYSE:NWL) opened at $30.81 on Wednesday. Newell Brands Inc. has a one year low of $27.45 and a one year high of $55.08. The company has a quick ratio of 0.86, a current ratio of 1.46 and a debt-to-equity ratio of 0.80. The firm has a market cap of $15,114.68, a P/E ratio of 10.75, a PEG ratio of 1.24 and a beta of 1.10.
Newell Brands declared that its Board of Directors has approved a stock buyback plan on Tuesday, September 26th that allows the company to repurchase $256.00 million in shares. This repurchase authorization allows the company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.99%. Newell Brands’s payout ratio is currently 35.52%.
In related news, CEO Michael B. Polk acquired 7,000 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was purchased at an average price of $28.22 per share, with a total value of $197,540.00. Following the transaction, the chief executive officer now owns 616,296 shares of the company’s stock, valued at approximately $17,391,873.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.97% of the company’s stock.
Several research firms recently weighed in on NWL. Morgan Stanley reduced their price target on shares of Newell Brands from $54.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. Royal Bank of Canada reiterated a “top pick” rating and issued a $60.00 price objective on shares of Newell Brands in a report on Tuesday, August 29th. TheStreet downgraded shares of Newell Brands from a “b-” rating to a “c+” rating in a report on Tuesday, November 14th. Zacks Investment Research downgraded shares of Newell Brands from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. Finally, Forward View reiterated a “buy” rating and issued a $35.00 price objective on shares of Newell Brands in a report on Sunday, November 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Newell Brands currently has an average rating of “Hold” and an average target price of $46.73.
Newell Brands 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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