Newell Brands (NASDAQ:NWL – Get Free Report) issued an update on its FY24 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $0.52-$0.62 for the period, compared to the consensus estimate of $0.77. The company issued revenue guidance of $7.452-$7.614 billion, compared to the consensus revenue estimate of $7.70 billion. Newell Brands also updated its FY 2024 guidance to 0.520-0.620 EPS.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Newell Brands from $7.00 to $9.00 and gave the company a neutral rating in a research report on Tuesday, January 9th. Barclays raised their price objective on Newell Brands from $5.00 to $6.00 and gave the stock an underweight rating in a research report on Tuesday, January 16th. Truist Financial downgraded Newell Brands from a buy rating to a hold rating and lowered their price objective for the stock from $20.00 to $8.00 in a research report on Monday, October 30th. UBS Group raised their price objective on Newell Brands from $9.00 to $10.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. Finally, Raymond James downgraded Newell Brands from an outperform rating to a market perform rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $9.55.
Newell Brands Trading Down 18.9 %
Newell Brands (NASDAQ:NWL – Get Free Report) last announced its quarterly earnings data on Friday, February 9th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.05. Newell Brands had a positive return on equity of 10.24% and a negative net margin of 4.77%. The firm had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same quarter last year, the firm posted $0.16 earnings per share. The company’s revenue for the quarter was down 8.1% compared to the same quarter last year. Research analysts forecast that Newell Brands will post 0.57 earnings per share for the current year.
Institutional Investors Weigh In On Newell Brands
A number of hedge funds have recently added to or reduced their stakes in NWL. Fairfield Bush & CO. acquired a new stake in Newell Brands in the first quarter valued at approximately $26,000. HighTower Advisors LLC boosted its position in shares of Newell Brands by 4.5% during the first quarter. HighTower Advisors LLC now owns 18,847 shares of the company’s stock valued at $401,000 after buying an additional 808 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Newell Brands by 5.0% during the first quarter. Private Advisor Group LLC now owns 12,567 shares of the company’s stock valued at $269,000 after buying an additional 593 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Newell Brands by 23.2% during the first quarter. MetLife Investment Management LLC now owns 103,044 shares of the company’s stock valued at $2,206,000 after buying an additional 19,395 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in shares of Newell Brands by 57.9% during the first quarter. Panagora Asset Management Inc. now owns 78,161 shares of the company’s stock valued at $1,673,000 after buying an additional 28,656 shares during the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.
About Newell Brands
Newell Brands Inc engages in the design, manufacture, sourcing, and distribution of consumer and commercial products worldwide. The company operates in five segments: Commercial Solutions, Home Appliances, Home Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment provides commercial cleaning and maintenance solutions; closet and garage organization products; hygiene systems and material handling solutions; and connected home and security products under the Mapa, Quickie, Rubbermaid, Rubbermaid Commercial Products, and Spontex brands.
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