Wells Fargo & Company Cuts Spectrum Brands (NYSE:SPB) Price Target to $75.00

Spectrum Brands (NYSE:SPB) had its price target lowered by Wells Fargo & Company from $80.00 to $75.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

SPB has been the subject of a number of other research reports. Canaccord Genuity Group raised shares of Spectrum Brands from a “hold” rating to a “buy” rating and boosted their target price for the company from $94.00 to $102.00 in a research report on Friday, February 7th. Royal Bank of Canada cut their price objective on shares of Spectrum Brands from $114.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, UBS Group lowered their target price on shares of Spectrum Brands from $114.00 to $109.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Spectrum Brands currently has an average rating of “Moderate Buy” and an average target price of $101.57.

Spectrum Brands Stock Down 6.0 %

Shares of SPB opened at $62.35 on Wednesday. The firm has a market cap of $1.64 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.53 and a current ratio of 2.40. Spectrum Brands has a 52 week low of $61.95 and a 52 week high of $96.74. The firm’s 50-day simple moving average is $75.72 and its 200 day simple moving average is $84.79.

Spectrum Brands (NYSE:SPB) last announced its earnings results on Thursday, February 6th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.11. Spectrum Brands had a return on equity of 6.44% and a net margin of 4.01%. During the same quarter last year, the company earned $0.78 EPS. On average, analysts forecast that Spectrum Brands will post 5.06 earnings per share for the current year.

Spectrum Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 18th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Tuesday, February 18th. Spectrum Brands’s payout ratio is presently 46.19%.

Institutional Trading of Spectrum Brands

Several large investors have recently made changes to their positions in SPB. Steward Partners Investment Advisory LLC bought a new stake in Spectrum Brands during the fourth quarter worth $50,000. Quantbot Technologies LP bought a new stake in shares of Spectrum Brands during the 3rd quarter worth $62,000. Versant Capital Management Inc boosted its stake in Spectrum Brands by 101.7% in the first quarter. Versant Capital Management Inc now owns 970 shares of the company’s stock valued at $69,000 after buying an additional 489 shares in the last quarter. Quarry LP boosted its stake in Spectrum Brands by 70.9% in the third quarter. Quarry LP now owns 974 shares of the company’s stock valued at $93,000 after buying an additional 404 shares in the last quarter. Finally, Blue Trust Inc. grew its position in Spectrum Brands by 46.5% in the fourth quarter. Blue Trust Inc. now owns 1,182 shares of the company’s stock valued at $100,000 after acquiring an additional 375 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.