Canaccord Genuity Group Forecasts Strong Price Appreciation for Spectrum Brands (NYSE:SPB) Stock

Spectrum Brands (NYSE:SPB) had its price objective lifted by Canaccord Genuity Group from $91.00 to $94.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 6.55% from the stock’s current price.

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

Spectrum Brands Stock Performance

Shares of NYSE SPB opened at $88.22 on Monday. The firm has a 50 day moving average of $91.49 and a 200 day moving average of $89.48. The company has a current ratio of 2.28, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 0.25 and a beta of 1.23. Spectrum Brands has a 12-month low of $65.27 and a 12-month high of $96.74.

Spectrum Brands (NYSE:SPB) last released its quarterly earnings results on Friday, November 15th. The company reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.16). Spectrum Brands had a net margin of 4.21% and a return on equity of 6.11%. The business had revenue of $773.70 million for the quarter, compared to analysts’ expectations of $747.80 million. During the same period in the previous year, the company earned $1.36 EPS. Spectrum Brands’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, research analysts anticipate that Spectrum Brands will post 6.12 earnings per share for the current year.

Hedge Funds Weigh In On Spectrum Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of 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 period. Pzena Investment Management LLC grew its stake in Spectrum Brands by 10.4% in the 3rd quarter. Pzena Investment Management LLC now owns 1,310,861 shares of the company’s stock valued at $124,715,000 after acquiring an additional 123,733 shares during the period. State Street Corp grew its stake in Spectrum Brands by 1.3% in the 3rd quarter. State Street Corp now owns 590,222 shares of the company’s stock valued at $56,154,000 after acquiring an additional 7,783 shares during the period. Wellington Management Group LLP lifted its holdings in Spectrum Brands by 7.6% in the 3rd quarter. Wellington Management Group LLP now owns 513,025 shares of the company’s stock valued at $48,809,000 after purchasing an additional 36,063 shares in the last quarter. Finally, Armistice Capital LLC lifted 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 purchasing an additional 247,809 shares in the last quarter.

Spectrum Brands Company 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.