Federated Hermes Inc. Buys 14,351 Shares of Newell Brands Inc. (NASDAQ:NWL)

Posted by MarketBeat News on Mar 14th, 2023

Federated Hermes Inc. increased its stake in Newell Brands Inc. (NASDAQ:NWL – Get Rating) by 30.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 62,191 shares of the company’s stock after acquiring an additional 14,351 shares during the period. Federated Hermes Inc.’s holdings in Newell Brands were worth $864,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in Newell Brands by 2.9% in the third quarter. BlackRock Inc. now owns 56,524,457 shares of the company’s stock worth $785,125,000 after purchasing an additional 1,583,751 shares during the period. Pzena Investment Management LLC grew its holdings in Newell Brands by 3.7% in the third quarter. Pzena Investment Management LLC now owns 38,954,635 shares of the company’s stock worth $541,080,000 after purchasing an additional 1,385,298 shares during the period. State Street Corp grew its holdings in Newell Brands by 6.6% in the first quarter. State Street Corp now owns 21,398,665 shares of the company’s stock worth $458,145,000 after purchasing an additional 1,330,465 shares during the period. Victory Capital Management Inc. grew its holdings in Newell Brands by 8.6% in the third quarter. Victory Capital Management Inc. now owns 15,489,824 shares of the company’s stock worth $215,154,000 after purchasing an additional 1,225,381 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in Newell Brands by 12.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,705,726 shares of the company’s stock worth $165,757,000 after purchasing an additional 940,320 shares during the period. 92.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on NWL. Royal Bank of Canada cut their price objective on shares of Newell Brands from $17.00 to $15.00 and set a “sector perform” rating on the stock in a report on Monday, February 13th. Citigroup assumed coverage on shares of Newell Brands in a report on Thursday, February 16th. They set a “neutral” rating and a $15.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Newell Brands from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Tuesday, January 24th. Morgan Stanley cut their price target on shares of Newell Brands from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, February 13th. Finally, JPMorgan Chase & Co. increased their price target on shares of Newell Brands from $16.00 to $18.00 and gave the company an “overweight” rating in a report on Friday, January 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.55.

Insiders Place Their Bets

Want More Great Investing Ideas?

In other Newell Brands news, CFO Mark J. Erceg purchased 28,282 shares of the firm’s stock in a transaction on Thursday, March 9th. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $367,666.00. Following the completion of the transaction, the chief financial officer now owns 94,982 shares of the company’s stock, valued at $1,234,766. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Newell Brands news, CFO Mark J. Erceg purchased 28,282 shares of the firm’s stock in a transaction on Thursday, March 9th. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $367,666.00. Following the completion of the transaction, the chief financial officer now owns 94,982 shares of the company’s stock, valued at $1,234,766. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brett Icahn sold 107,372 shares of the firm’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $15.37, for a total transaction of $1,650,307.64. Following the sale, the director now owns 845,631 shares in the company, valued at $12,997,348.47. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Newell Brands Trading Down 3.4 %

Shares of NWL stock opened at $11.82 on Tuesday. Newell Brands Inc. has a 12-month low of $11.78 and a 12-month high of $24.70. The company has a current ratio of 1.32, a quick ratio of 0.60 and a debt-to-equity ratio of 1.35. The firm’s 50 day moving average is $14.78 and its 200 day moving average is $14.26. The stock has a market capitalization of $4.89 billion, a P/E ratio of 23.18 and a beta of 0.94.

Newell Brands (NASDAQ:NWL – Get Rating) last issued its earnings results on Friday, February 10th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. Newell Brands had a net margin of 2.33% and a return on equity of 17.76%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. Research analysts expect that Newell Brands Inc. will post 1.04 earnings per share for the current year.

Newell Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $0.92 annualized dividend and a yield of 7.78%. Newell Brands’s payout ratio is presently 180.40%.

About Newell Brands

(Get Rating)

Newell Brands, Inc engages in the manufacture, marketing, and sale of consumer and commercial products. It operates through the following segments: Commercial Solutions, Home Appliances, Home Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment includes commercial cleaning and maintenance solutions, closet and garage organization, hygiene systems and material handling solutions, connected home and security, and smoke and carbon monoxide alarms.