Newell Brands (NASDAQ:NWL – Get Free Report) updated its first quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of -0.090–0.050 for the period, compared to the consensus estimate of 0.020. The company issued revenue guidance of $1.6 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Newell Brands also updated its FY 2024 guidance to 0.520-0.620 EPS.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on NWL. TheStreet downgraded shares of Newell Brands from a c- rating to a d rating in a report on Friday, October 27th. Barclays boosted their price target on shares of Newell Brands from $5.00 to $6.00 and gave the stock an underweight rating in a report on Tuesday, January 16th. UBS Group boosted their price target on shares of Newell Brands from $9.00 to $10.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Morgan Stanley lowered their price objective on Newell Brands from $11.00 to $8.50 and set an equal weight rating on the stock in a research note on Tuesday, October 31st. Finally, Raymond James cut Newell Brands from an outperform rating to a market perform rating in a research note on Monday. One equities 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 company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $9.55.
Newell Brands Trading Down 18.9 %
Newell Brands (NASDAQ:NWL – Get Free Report) last announced its quarterly earnings results on Friday, February 9th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.05. The firm had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $1.98 billion. Newell Brands had a positive return on equity of 10.24% and a negative net margin of 4.77%. The company’s revenue was down 8.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 earnings per share. On average, equities analysts forecast that Newell Brands will post 0.57 EPS for the current fiscal year.
Institutional Trading of Newell Brands
Hedge funds and other institutional investors have recently bought and sold shares of the company. Fairfield Bush & CO. purchased a new stake in Newell Brands in the first quarter worth approximately $26,000. Resources Management Corp CT ADV boosted its stake in Newell Brands by 6,000.0% in the second quarter. Resources Management Corp CT ADV now owns 3,050 shares of the company’s stock worth $27,000 after buying an additional 3,000 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Newell Brands by 711.7% in the first quarter. Canada Pension Plan Investment Board now owns 4,107 shares of the company’s stock worth $88,000 after buying an additional 3,601 shares in the last quarter. Covestor Ltd boosted its stake in Newell Brands by 195.8% in the first quarter. Covestor Ltd now owns 6,900 shares of the company’s stock worth $148,000 after buying an additional 4,567 shares in the last quarter. Finally, Belpointe Asset Management LLC boosted its stake in Newell Brands by 629.5% in the first quarter. Belpointe Asset Management LLC now owns 7,244 shares of the company’s stock worth $90,000 after buying an additional 6,251 shares in the last quarter. Hedge funds and other institutional investors 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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