Wells Fargo & Company Has Lowered Expectations for Spectrum Brands (NYSE:SPB) Stock Price

Spectrum Brands (NYSE:SPB) had its price target dropped by equities research analysts at Wells Fargo & Company from $75.00 to $65.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.26% from the company’s previous close.

Several other research firms have also weighed in on SPB. Royal Bank of Canada reduced their target price on shares of Spectrum Brands from $114.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Canaccord Genuity Group raised Spectrum Brands from a “hold” rating to a “buy” rating and upped their target price for the stock from $94.00 to $102.00 in a research report on Friday, February 7th. Finally, UBS Group decreased their price target on Spectrum Brands from $114.00 to $109.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.14.

Spectrum Brands Price Performance

Shares of SPB traded down $0.39 during mid-day trading on Wednesday, reaching $60.04. 29,541 shares of the company’s stock were exchanged, compared to its average volume of 446,755. The company has a quick ratio of 1.53, a current ratio of 2.40 and a debt-to-equity ratio of 0.27. Spectrum Brands has a 52-week low of $57.93 and a 52-week high of $96.74. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.70 and a beta of 1.03. The company has a 50-day simple moving average of $71.69 and a two-hundred day simple moving average of $82.81.

Spectrum Brands (NYSE:SPB) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.11. Spectrum Brands had a return on equity of 6.44% and a net margin of 4.01%. During the same period in the previous year, the business earned $0.78 earnings per share. On average, sell-side analysts predict that Spectrum Brands will post 5.06 EPS for the current fiscal year.

Institutional Trading of Spectrum Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Spectrum Brands by 1.3% during the third 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. Barclays PLC increased its position in shares of Spectrum Brands by 71.4% during the 3rd quarter. Barclays PLC now owns 35,407 shares of the company’s stock valued at $3,369,000 after purchasing an additional 14,746 shares during the period. M&T Bank Corp bought a new stake in shares of Spectrum Brands in the 3rd quarter worth $221,000. Franklin Resources Inc. lifted its holdings in shares of Spectrum Brands by 2.6% in the third quarter. Franklin Resources Inc. now owns 14,792 shares of the company’s stock valued at $1,356,000 after buying an additional 381 shares during the period. Finally, Everence Capital Management Inc. bought a new position in Spectrum Brands during the fourth quarter valued at about $553,000.

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.