Spectrum Brands (NYSE:SPB) Sets New 52-Week High Following Dividend Announcement

Spectrum Brands Holdings Inc. (NYSE:SPB) shares reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $85.53 and last traded at $85.05, with a volume of 109658 shares traded. The stock had previously closed at $82.38.

The newly announced dividend which will be paid on Tuesday, June 16th. Investors of record on Tuesday, May 26th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.2%. Spectrum Brands’s dividend payout ratio (DPR) is presently 43.42%.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPB. Oppenheimer increased their price objective on Spectrum Brands from $75.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Wells Fargo & Company increased their price objective on Spectrum Brands from $62.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Royal Bank Of Canada set a $85.00 price objective on Spectrum Brands in a research note on Friday, February 6th. Finally, Weiss Ratings raised Spectrum Brands from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.00.

Spectrum Brands Stock Performance

The firm has a market cap of $1.98 billion, a PE ratio of 19.71, a P/E/G ratio of 2.69 and a beta of 0.67. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.21 and a quick ratio of 1.38. The stock has a 50-day moving average price of $77.75 and a 200 day moving average price of $67.16.

Spectrum Brands (NYSE:SPB) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.63. The business had revenue of $677.00 million during the quarter, compared to the consensus estimate of $667.59 million. Spectrum Brands had a return on equity of 7.65% and a net margin of 3.76%.The business’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. Research analysts forecast that Spectrum Brands Holdings Inc. will post 4.9 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Pzena Investment Management LLC raised its position in shares of Spectrum Brands by 66.8% in the 3rd quarter. Pzena Investment Management LLC now owns 2,459,485 shares of the company’s stock worth $129,197,000 after buying an additional 985,034 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Spectrum Brands by 374,119.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,196,666 shares of the company’s stock worth $129,779,000 after buying an additional 2,196,079 shares during the period. Callodine Capital Management LP raised its position in shares of Spectrum Brands by 20.4% in the 4th quarter. Callodine Capital Management LP now owns 2,065,216 shares of the company’s stock worth $122,013,000 after buying an additional 350,261 shares during the period. American Century Companies Inc. raised its position in shares of Spectrum Brands by 14.5% in the 3rd quarter. American Century Companies Inc. now owns 2,052,850 shares of the company’s stock worth $107,836,000 after buying an additional 260,085 shares during the period. Finally, LSV Asset Management raised its position in shares of Spectrum Brands by 2.9% in the 4th quarter. LSV Asset Management now owns 602,980 shares of the company’s stock worth $35,624,000 after buying an additional 17,100 shares during the period.

Spectrum Brands Company Profile

Spectrum Brands Holdings, Inc is a global consumer products company that develops and markets a diverse portfolio of branded household and personal care products. Organized into four principal business segments—Hardware & Home Improvement, Home & Garden, Pet, and Appliances & Personal Care—the company offers a broad range of items including security and plumbing solutions, small electric appliances, grooming tools, and pet care accessories. Its hardware division features well-known brands such as Kwikset, Baldwin and Pfister, while the home appliance segment is anchored by names like Russell Hobbs and Remington.