Wells Fargo & Company Cuts Spectrum Brands (NYSE:SPB) Price Target to $85.00

Spectrum Brands (NYSE:SPB) had its target price decreased by Wells Fargo & Company from $90.00 to $85.00 in a research report sent to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other equities analysts also recently issued reports about the company. Weiss Ratings downgraded Spectrum Brands from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Monness Crespi & Hardt boosted their price target on Spectrum Brands from $86.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Royal Bank Of Canada downgraded Spectrum Brands from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $85.00 to $92.00 in a research note on Monday, August 10th. Oppenheimer raised their price objective on Spectrum Brands from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Finally, Canaccord Genuity Group upped their price target on shares of Spectrum Brands from $99.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $98.00.

Spectrum Brands Stock Performance

NYSE SPB opened at $76.94 on Monday. The firm’s fifty day moving average price is $86.26 and its two-hundred day moving average price is $83.17. The stock has a market cap of $1.77 billion, a PE ratio of 23.46, a PEG ratio of 2.72 and a beta of 0.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.61 and a current ratio of 2.41. Spectrum Brands has a fifty-two week low of $49.99 and a fifty-two week high of $99.06.

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 company had revenue of $753.30 million during the quarter, compared to analysts’ expectations of $732.19 million. Spectrum Brands had a return on equity of 10.06% and a net margin of 2.76%.Spectrum Brands’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 EPS. On average, equities analysts expect that Spectrum Brands will post 6.38 EPS for the current fiscal year.

Spectrum Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Tuesday, August 25th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 25th. Spectrum Brands’s dividend payout ratio (DPR) is presently 57.32%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Engineers Gate Manager LP bought a new position in shares of Spectrum Brands in the second quarter worth approximately $1,949,000. Integrated Wealth Concepts LLC bought a new stake in Spectrum Brands during the second quarter valued at approximately $70,000. Squarepoint Ops LLC lifted its position in Spectrum Brands by 2.5% during the second quarter. Squarepoint Ops LLC now owns 12,418 shares of the company’s stock valued at $1,065,000 after purchasing an additional 302 shares during the last quarter. Allworth Financial LP grew its stake in Spectrum Brands by 65.2% in the 2nd quarter. Allworth Financial LP now owns 337 shares of the company’s stock worth $29,000 after buying an additional 133 shares in the last quarter. Finally, Nykredit A S purchased a new position in Spectrum Brands in the 2nd quarter worth approximately $102,000.

About Spectrum Brands

Spectrum Brands Holdings, Inc is a global consumer products company headquartered in Middleton, Wisconsin. The company develops, markets and distributes branded products for use in homes, gardens and by pet owners, selling through mass retailers, e-commerce channels, specialty stores and other retail outlets in North America and international markets.

Spectrum Brands’ portfolio has historically included home and personal care products under brands such as Remington, Russell Hobbs, George Foreman and Black+Decker, as well as pet care products marketed under brands including Tetra, FURminator, Nature’s Miracle and 8-in-1.