Verition Fund Management LLC Has $17.39 Million Position in Spectrum Brands Holdings, Inc. (NYSE:SPB)

Verition Fund Management LLC grew its stake in Spectrum Brands Holdings, Inc. (NYSE:SPB) by 295.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 182,761 shares of the company’s stock after acquiring an additional 136,556 shares during the period. Verition Fund Management LLC’s holdings in Spectrum Brands were worth $17,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Armistice Capital LLC raised its holdings in Spectrum Brands by 129.4% in the 2nd quarter. Armistice Capital LLC now owns 439,377 shares of the company’s stock valued at $37,756,000 after acquiring an additional 247,809 shares during the period. Pzena Investment Management LLC grew its position in shares of Spectrum Brands by 10.4% in the third quarter. Pzena Investment Management LLC now owns 1,310,861 shares of the company’s stock valued at $124,715,000 after purchasing an additional 123,733 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Spectrum Brands by 2,542.3% during the second quarter. Bank of Montreal Can now owns 117,795 shares of the company’s stock worth $10,862,000 after purchasing an additional 113,337 shares during the period. Algert Global LLC acquired a new stake in Spectrum Brands during the 2nd quarter worth approximately $9,670,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Spectrum Brands by 5.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,120,102 shares of the company’s stock worth $201,707,000 after purchasing an additional 112,530 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SPB shares. Canaccord Genuity Group upped their price objective on Spectrum Brands from $91.00 to $94.00 and gave the company a “hold” rating in a report on Monday, November 18th. Wells Fargo & Company upped their price target on shares of Spectrum Brands from $87.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Spectrum Brands from $91.00 to $94.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, UBS Group increased their target price on shares of Spectrum Brands from $111.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Spectrum Brands presently has a consensus rating of “Hold” and an average target price of $102.38.

Spectrum Brands Trading Up 0.2 %

Shares of Spectrum Brands stock opened at $91.95 on Friday. The firm’s 50-day moving average price is $91.36 and its two-hundred day moving average price is $89.68. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 1.60 and a beta of 1.23. The company has a quick ratio of 1.62, a current ratio of 2.30 and a debt-to-equity ratio of 0.26. Spectrum Brands Holdings, Inc. has a 12-month low of $67.34 and a 12-month high of $96.74.

Spectrum Brands (NYSE:SPB) last posted its quarterly earnings results on Friday, November 15th. The company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.16). Spectrum Brands had a return on equity of 6.16% and a net margin of 4.21%. The firm had revenue of $773.70 million for the quarter, compared to analyst estimates of $747.80 million. During the same quarter in the prior year, the business posted $1.36 EPS. The business’s revenue was up 4.5% on a year-over-year basis. On average, analysts forecast that Spectrum Brands Holdings, Inc. will post 5.25 earnings per share for the current fiscal year.

Spectrum Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, November 26th will be issued a dividend of $0.47 per share. The ex-dividend date is Tuesday, November 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.04%. This is a boost from Spectrum Brands’s previous quarterly dividend of $0.42. Spectrum Brands’s payout ratio is 46.08%.

Spectrum Brands Profile

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.