Spectrum Brands Holdings, Inc. (NYSE:SPB) Lowered to Sell at Zacks Investment Research

Spectrum Brands Holdings, Inc. (NYSE:SPB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, July 29th.

According to Zacks, “Spectrum Brands, Inc. and its subsidiaries operate as a global branded consumer products company. The Company has three reportable segments: Global Batteries & Personal Care; Global Pet Supplies; and Home and Garden Business. Its operations include the manufacturing and marketing of alkaline, zinc carbon and hearing aid batteries, as well as aquariums and aquatic health supplies and the designing and marketing of rechargeable batteries, battery-powered lighting products, electric shavers and accessories, grooming products and hair care appliances. The Company also provides specialty pet supplies and also herbicides, insecticides and repellents. Its portfolio of brands are Rayovac(R), Remington(R), VARTA(R), Tetra(R), Marineland(R), Nature’s Miracle(R), Dingo(R), 8-in-1(R), Spectracide(R), Cutter(R), Repel(R), and HotShot(R) with manufacturing and product development facilities located in the U.S., Europe, Asia and Latin America. Spectrum Brands, Inc. is headquartered in Atlanta, Georgia. “

A number of other brokerages also recently commented on SPB. Royal Bank Of Canada restated a “buy” rating and issued a $160.00 target price on shares of Spectrum Brands Holdings in a research note on Thursday, May 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $167.00 price target on shares of Spectrum Brands Holdings in a research report on Tuesday, May 2nd. BidaskClub cut Spectrum Brands Holdings from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. Deutsche Bank AG cut their price target on Spectrum Brands Holdings from $152.00 to $149.00 and set a “buy” rating for the company in a report on Wednesday, May 3rd. Finally, BMO Capital Markets cut their price target on Spectrum Brands Holdings from $155.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $143.88.

Shares of Spectrum Brands Holdings (NYSE SPB) opened at 107.42 on Friday. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 21.99 and a beta of 0.66. The firm has a 50-day moving average price of $117.96 and a 200-day moving average price of $130.96. Spectrum Brands Holdings has a 52 week low of $106.79 and a 52 week high of $146.09.

Spectrum Brands Holdings (NYSE:SPB) last issued its quarterly earnings results on Thursday, July 27th. The company reported $1.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.92 by $0.21. Spectrum Brands Holdings had a net margin of 5.87% and a return on equity of 17.46%. The business had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the firm posted $1.73 EPS. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. On average, equities analysts expect that Spectrum Brands Holdings will post $5.61 earnings per share for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Spectrum Brands Holdings by 5,054.7% in the first quarter. BlackRock Inc. now owns 1,208,769 shares of the company’s stock worth $168,030,000 after buying an additional 1,185,319 shares during the period. JPMorgan Chase & Co. raised its stake in Spectrum Brands Holdings by 21.0% in the first quarter. JPMorgan Chase & Co. now owns 1,614,442 shares of the company’s stock worth $224,423,000 after buying an additional 280,396 shares during the period. Bank of New York Mellon Corp raised its stake in Spectrum Brands Holdings by 164.2% in the first quarter. Bank of New York Mellon Corp now owns 355,613 shares of the company’s stock worth $49,434,000 after buying an additional 221,030 shares during the period. Schroder Investment Management Group raised its stake in Spectrum Brands Holdings by 29.7% in the second quarter. Schroder Investment Management Group now owns 812,903 shares of the company’s stock worth $101,084,000 after buying an additional 186,285 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Spectrum Brands Holdings by 3,962.2% in the first quarter. Renaissance Technologies LLC now owns 182,800 shares of the company’s stock worth $25,411,000 after buying an additional 178,300 shares during the period. Institutional investors and hedge funds own 48.37% of the company’s stock.

About Spectrum Brands Holdings

Spectrum Brands Holdings, Inc (SB Holdings) is a diversified global consumer products company. The Company manufactures, markets and/or distributes its products in approximately 160 countries in the North America (NA); Europe, the Middle East and Africa (EMEA); Latin America (LATAM), and Asia-Pacific (APAC) regions.

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