Spectrum Brands Holdings Inc. (NYSE:SPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
According to Zacks, “Spectrum Brands, Inc. and its subsidiaries operate as a global branded consumer products company. The Company has three reportable segments: Global Batteries & Personal Care; Global Pet Supplies; and Home and Garden Business. Its operations include the manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products and hair care appliances. The Company also provides specialty pet supplies and also herbicides, insecticides and repellents. Its portfolio of brands are Rayovac(R), Remington(R), VARTA(R), Tetra(R), Marineland(R), Nature’s Miracle(R), Dingo(R), 8-in-1(R), Spectracide(R), Cutter(R), Repel(R), and HotShot(R) with manufacturing and product development facilities located in the U.S., Europe, Asia and Latin America. Spectrum Brands, Inc. is headquartered in Atlanta, Georgia. “
SPB has been the topic of a number of other reports. Jefferies Group increased their price target on Spectrum Brands Holdings from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, October 13th. Monness Crespi & Hardt upped their price objective on Spectrum Brands Holdings from $138.00 to $151.00 and gave the stock a “buy” rating in a report on Thursday, September 29th. BMO Capital Markets initiated coverage on Spectrum Brands Holdings in a report on Friday, December 16th. They set an “outperform” rating and a $147.00 price objective on the stock. Finally, Bank of America Corp. downgraded Spectrum Brands Holdings from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $135.00 to $130.00 in a report on Tuesday, January 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $145.71.
Spectrum Brands Holdings (NYSE:SPB) opened at 122.26 on Thursday. The company has a 50 day moving average price of $121.07 and a 200-day moving average price of $127.14. Spectrum Brands Holdings has a one year low of $87.65 and a one year high of $138.95. The firm has a market capitalization of $7.26 billion, a PE ratio of 20.41 and a beta of 0.65.
Spectrum Brands Holdings (NYSE:SPB) last released its quarterly earnings results on Thursday, November 17th. The company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.02. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.33 billion. Spectrum Brands Holdings had a return on equity of 17.80% and a net margin of 6.74%. Spectrum Brands Holdings’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 EPS. On average, equities analysts predict that Spectrum Brands Holdings will post $5.81 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its position in Spectrum Brands Holdings by 42.5% in the second quarter. FMR LLC now owns 2,707,671 shares of the company’s stock worth $323,052,000 after buying an additional 806,895 shares during the period. Citadel Advisors LLC increased its position in Spectrum Brands Holdings by 93.7% in the second quarter. Citadel Advisors LLC now owns 617,683 shares of the company’s stock worth $73,695,000 after buying an additional 298,774 shares during the period. Acadian Asset Management LLC increased its position in Spectrum Brands Holdings by 55.1% in the third quarter. Acadian Asset Management LLC now owns 777,402 shares of the company’s stock worth $107,039,000 after buying an additional 276,072 shares during the period. Ardevora Asset Management LLP bought a new position in Spectrum Brands Holdings during the second quarter worth $27,071,000. Finally, TIAA CREF Investment Management LLC increased its position in Spectrum Brands Holdings by 164.6% in the third quarter. TIAA CREF Investment Management LLC now owns 300,860 shares of the company’s stock worth $41,425,000 after buying an additional 187,151 shares during the period. 45.98% of the stock is currently owned by institutional investors.
About Spectrum Brands Holdings
Spectrum Brands Holdings, Inc (SB Holdings) is a diversified global consumer products company. The Company manufactures, markets and/or distributes its products in approximately 160 countries in the North America (NA); Europe, the Middle East and Africa (EMEA); Latin America (LATAM), and Asia-Pacific (APAC) regions.
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