Spectrum Brands (NYSE:SPB) Given New $83.00 Price Target at Canaccord Genuity Group

Spectrum Brands (NYSE:SPB) had its price target cut by investment analysts at Canaccord Genuity Group from $94.00 to $83.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 26.14% from the company’s current price.

A number of other research firms have also issued reports on SPB. Wells Fargo & Company lowered Spectrum Brands from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $90.00 to $73.00 in a research report on Monday. Royal Bank of Canada started coverage on shares of Spectrum Brands in a report on Wednesday, August 23rd. They issued an “outperform” rating and a $96.00 price objective on the stock. Finally, StockNews.com initiated coverage on shares of Spectrum Brands in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Spectrum Brands presently has an average rating of “Hold” and an average price target of $83.80.

Spectrum Brands Stock Performance

SPB stock traded down $2.02 during trading on Monday, hitting $65.80. 552,849 shares of the company’s stock traded hands, compared to its average volume of 671,590. The stock has a fifty day moving average price of $77.07 and a two-hundred day moving average price of $76.73. The company has a quick ratio of 1.94, a current ratio of 2.23 and a debt-to-equity ratio of 0.63. Spectrum Brands has a 52 week low of $46.54 and a 52 week high of $85.25. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 1.48, a price-to-earnings-growth ratio of 0.66 and a beta of 1.36.

Spectrum Brands (NYSE:SPB) last announced its quarterly earnings data on Friday, November 17th. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.33. Spectrum Brands had a net margin of 61.47% and a return on equity of 1.99%. The business had revenue of $740.70 million during the quarter, compared to the consensus estimate of $739.43 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts anticipate that Spectrum Brands will post 1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO David M. Maura purchased 5,000 shares of Spectrum Brands stock in a transaction that occurred on Tuesday, August 29th. The stock was acquired at an average price of $82.89 per share, for a total transaction of $414,450.00. Following the transaction, the chief executive officer now owns 693,816 shares in the company, valued at $57,510,408.24. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO David M. Maura purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was acquired at an average cost of $82.89 per share, for a total transaction of $414,450.00. Following the completion of the acquisition, the chief executive officer now owns 693,816 shares in the company, valued at approximately $57,510,408.24. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ehsan Zargar purchased 843 shares of the stock in a transaction dated Tuesday, August 29th. The shares were bought at an average price of $82.98 per share, for a total transaction of $69,952.14. Following the completion of the acquisition, the executive vice president now owns 117,335 shares in the company, valued at $9,736,458.30. The disclosure for this purchase can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Spectrum Brands

Several hedge funds have recently added to or reduced their stakes in SPB. Invesco Ltd. raised its position in shares of Spectrum Brands by 194.0% during the first quarter. Invesco Ltd. now owns 1,514,530 shares of the company’s stock valued at $134,369,000 after buying an additional 999,459 shares during the last quarter. Alberta Investment Management Corp bought a new stake in shares of Spectrum Brands during the second quarter valued at approximately $47,501,000. Sachem Head Capital Management LP raised its stake in shares of Spectrum Brands by 43.9% in the first quarter. Sachem Head Capital Management LP now owns 1,512,700 shares of the company’s stock valued at $100,171,000 after purchasing an additional 461,700 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Spectrum Brands by 48.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,206,827 shares of the company’s stock valued at $79,913,000 after acquiring an additional 396,155 shares in the last quarter. Finally, Norges Bank bought a new stake in Spectrum Brands in the fourth quarter valued at about $22,965,000.

About Spectrum Brands

Spectrum Brands Holdings, Inc operates as a branded consumer products company worldwide. 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, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington and LumaBella brands.