Spectrum Brands (NYSE:SPB) Upgraded at Wedbush

Spectrum Brands (NYSE:SPB) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a $10.00 target price on the stock, up from their prior target price of $6.00. Wedbush’s price objective points to a potential downside of 86.93% from the stock’s current price.

Other research analysts also recently issued reports about the company. Canaccord Genuity Group raised Spectrum Brands from a “hold” rating to a “buy” rating and lifted their price target for the stock from $94.00 to $102.00 in a research report on Friday. UBS Group lowered their price objective on shares of Spectrum Brands from $114.00 to $109.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Finally, Wells Fargo & Company cut their target price on shares of Spectrum Brands from $92.00 to $88.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $91.56.

Spectrum Brands Stock Performance

NYSE:SPB opened at $76.51 on Friday. The firm has a market capitalization of $2.09 billion, a PE ratio of 18.75, a PEG ratio of 1.51 and a beta of 1.20. Spectrum Brands has a 1 year low of $75.94 and a 1 year high of $96.74. The company has a current ratio of 2.30, a quick ratio of 1.62 and a debt-to-equity ratio of 0.26. The firm’s fifty day simple moving average is $86.88 and its 200 day simple moving average is $89.13.

Spectrum Brands (NYSE:SPB) last issued its quarterly earnings results on Thursday, February 6th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.11. Spectrum Brands had a return on equity of 6.16% and a net margin of 4.21%. During the same period in the prior year, the company earned $0.78 EPS. On average, sell-side analysts anticipate that Spectrum Brands will post 5.17 EPS for the current year.

Institutional Trading of Spectrum Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPB. Harvey Partners LLC bought a new position in Spectrum Brands during the third quarter worth about $19,837,000. Verition Fund Management LLC raised its holdings in shares of Spectrum Brands by 295.5% in the 3rd quarter. Verition Fund Management LLC now owns 182,761 shares of the company’s stock worth $17,388,000 after buying an additional 136,556 shares in the last quarter. Pzena Investment Management LLC lifted its position in shares of Spectrum Brands by 10.4% during the 3rd quarter. Pzena Investment Management LLC now owns 1,310,861 shares of the company’s stock worth $124,715,000 after buying an additional 123,733 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Spectrum Brands by 5.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,120,102 shares of the company’s stock valued at $201,707,000 after buying an additional 112,530 shares in the last quarter. Finally, Cinctive Capital Management LP bought a new stake in Spectrum Brands in the third quarter valued at $7,380,000.

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.