Marshall Wace LLP Boosts Stake in Spectrum Brands, Inc. (SPB)
Marshall Wace LLP raised its holdings in Spectrum Brands, Inc. (NYSE:SPB) by 106.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,771 shares of the company’s stock after purchasing an additional 58,149 shares during the period. Marshall Wace LLP owned about 0.34% of Spectrum Brands worth $1,476,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Paloma Partners Management Co grew its stake in shares of Spectrum Brands by 484.7% in the second quarter. Paloma Partners Management Co now owns 13,553 shares of the company’s stock valued at $1,106,000 after buying an additional 11,235 shares in the last quarter. Sterling Capital Management LLC acquired a new stake in shares of Spectrum Brands in the second quarter valued at $84,265,000. Caption Management LLC acquired a new stake in shares of Spectrum Brands in the second quarter valued at $707,000. Bank of America Corp DE grew its stake in shares of Spectrum Brands by 370.2% in the second quarter. Bank of America Corp DE now owns 96,499 shares of the company’s stock valued at $7,877,000 after buying an additional 75,976 shares in the last quarter. Finally, Raymond James & Associates grew its stake in shares of Spectrum Brands by 92.2% in the second quarter. Raymond James & Associates now owns 52,875 shares of the company’s stock valued at $4,316,000 after buying an additional 25,368 shares in the last quarter.
A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Spectrum Brands from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Gabelli reissued a “buy” rating on shares of Spectrum Brands in a research note on Friday, July 27th. TheStreet raised Spectrum Brands from a “d” rating to a “c-” rating in a research note on Monday, July 16th. ValuEngine raised Spectrum Brands from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 27th. Finally, Zacks Investment Research raised Spectrum Brands from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research note on Tuesday, September 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $121.82.
Spectrum Brands (NYSE:SPB) last released its quarterly earnings data on Thursday, July 26th. The company reported $1.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.21. The business had revenue of $945.50 million during the quarter, compared to analysts’ expectations of $900.23 million. Spectrum Brands had a negative return on equity of 4.00% and a net margin of 22.32%. The business’s quarterly revenue was down 27.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.71 EPS. On average, research analysts anticipate that Spectrum Brands, Inc. will post 3.52 earnings per share for the current year.
Spectrum Brands Profile
Spectrum Brands Holdings, Inc, through its subsidiaries, operates as a branded consumer products company that manufactures, markets, and distributes branded consumer products. It supplies consumer batteries, residential locksets, residential builders' hardware, plumbing, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, personal insect repellents, and auto care products, as well as lawn and garden, and home pest control products.
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