Spectrum Brands (NYSE:SPB) Price Target Cut to $87.00

Spectrum Brands (NYSE:SPB) had its price objective lowered by Wells Fargo & Company from $95.00 to $87.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.08% from the stock’s current price.

A number of other research firms have also recently commented on SPB. Canaccord Genuity Group decreased their target price on shares of Spectrum Brands from $92.00 to $90.00 and set a “hold” rating on the stock in a research note on Monday, July 1st. Royal Bank of Canada reiterated an “outperform” rating and set a $114.00 price objective on shares of Spectrum Brands in a research report on Friday, June 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Spectrum Brands from $85.00 to $91.00 and gave the company a “hold” rating in a research report on Friday, May 10th. Oppenheimer lifted their price objective on shares of Spectrum Brands from $88.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Finally, Monness Crespi & Hardt boosted their price target on shares of Spectrum Brands from $98.00 to $106.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $98.43.

Spectrum Brands Stock Performance

Shares of SPB traded down $0.29 on Wednesday, reaching $81.25. The company’s stock had a trading volume of 68,638 shares, compared to its average volume of 413,200. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.73 and a quick ratio of 3.05. The stock has a market capitalization of $2.28 billion, a P/E ratio of 1.64, a PEG ratio of 0.37 and a beta of 1.19. The stock’s 50 day simple moving average is $89.00 and its two-hundred day simple moving average is $84.24. Spectrum Brands has a 12-month low of $65.27 and a 12-month high of $96.74.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings data on Thursday, May 9th. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $1.13. The company had revenue of $718.50 million for the quarter, compared to the consensus estimate of $708.54 million. Spectrum Brands had a net margin of 68.11% and a return on equity of 6.43%. The firm’s revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.14) earnings per share. Research analysts forecast that Spectrum Brands will post 4.68 earnings per share for the current fiscal year.

Institutional Trading of Spectrum Brands

Hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC purchased a new stake in Spectrum Brands in the fourth quarter worth about $3,949,000. Great Lakes Advisors LLC raised its holdings in Spectrum Brands by 50.0% in the fourth quarter. Great Lakes Advisors LLC now owns 324,413 shares of the company’s stock worth $25,878,000 after purchasing an additional 108,076 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in Spectrum Brands in the fourth quarter worth about $1,424,000. Redwood Investment Management LLC increased its holdings in shares of Spectrum Brands by 273.6% during the fourth quarter. Redwood Investment Management LLC now owns 76,092 shares of the company’s stock valued at $6,070,000 after acquiring an additional 55,727 shares in the last quarter. Finally, Capstone Investment Advisors LLC boosted its position in Spectrum Brands by 369.2% in the first quarter. Capstone Investment Advisors LLC now owns 13,298 shares of the company’s stock valued at $1,184,000 after buying an additional 10,464 shares during the last quarter.

About Spectrum Brands

Spectrum Brands Holdings, Inc operates as a branded consumer products and home essentials company in North America, Europe, the Middle East, Africa, and Asia-Pacific regions. It operates through three segments: Home and Personal Care; Global Pet Care; and Home and Garden. The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, PowerXL, Emeril Legasse, Copper Chef, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington brand.