Bank of New York Mellon Corp Lowers Stock Holdings in Spectrum Brands Holdings Inc. $SPB

Bank of New York Mellon Corp lessened its stake in Spectrum Brands Holdings Inc. (NYSE:SPB) by 26.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 233,397 shares of the company’s stock after selling 82,197 shares during the period. Bank of New York Mellon Corp’s holdings in Spectrum Brands were worth $17,201,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPB. Amundi purchased a new position in shares of Spectrum Brands in the 1st quarter valued at approximately $176,000. Millennium Management LLC raised its stake in shares of Spectrum Brands by 64.7% during the first quarter. Millennium Management LLC now owns 166,496 shares of the company’s stock worth $11,913,000 after purchasing an additional 65,424 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Spectrum Brands by 173.0% during the first quarter. NewEdge Advisors LLC now owns 5,389 shares of the company’s stock worth $386,000 after purchasing an additional 3,415 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Spectrum Brands by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 393,084 shares of the company’s stock worth $28,125,000 after purchasing an additional 114,143 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Spectrum Brands by 6.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 111,571 shares of the company’s stock worth $7,983,000 after purchasing an additional 6,321 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SPB shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $81.00 price objective on shares of Spectrum Brands in a research note on Friday, May 8th. Wall Street Zen cut shares of Spectrum Brands from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Canaccord Genuity Group lowered their target price on shares of Spectrum Brands from $100.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, June 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spectrum Brands in a report on Tuesday, July 21st. Finally, Wells Fargo & Company boosted their price target on shares of Spectrum Brands from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.00.

Insider Activity at Spectrum Brands

In related news, CEO David M. Maura bought 2,500 shares of the firm’s stock in a transaction on Wednesday, May 20th. The shares were bought at an average cost of $72.85 per share, for a total transaction of $182,125.00. Following the transaction, the chief executive officer owned 790,708 shares of the company’s stock, valued at approximately $57,603,077.80. This trade represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.50% of the company’s stock.

Spectrum Brands Stock Down 2.2%

SPB opened at $88.51 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.29 and a quick ratio of 1.42. The business has a 50 day simple moving average of $83.85 and a 200-day simple moving average of $78.04. The stock has a market capitalization of $2.04 billion, a P/E ratio of 16.89, a P/E/G ratio of 2.84 and a beta of 0.64. Spectrum Brands Holdings Inc. has a 12 month low of $49.99 and a 12 month high of $91.42.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings results on Thursday, May 7th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.21. Spectrum Brands had a return on equity of 8.23% and a net margin of 4.47%.The firm had revenue of $708.90 million for the quarter, compared to the consensus estimate of $676.45 million. During the same period in the previous year, the business earned $0.68 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts anticipate that Spectrum Brands Holdings Inc. will post 5.32 earnings per share for the current fiscal year.

Spectrum Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Tuesday, May 26th were issued a $0.47 dividend. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a yield of 2.1%. Spectrum Brands’s dividend payout ratio (DPR) is 35.88%.

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.