Royal Bank of Canada Downgrades Spectrum Brands (NYSE:SPB) to Sector Perform

Spectrum Brands (NYSE:SPB) was downgraded by Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report released on Friday, BenzingaRatingsTable reports.

SPB has been the topic of a number of other reports. Monness Crespi & Hardt reiterated a “buy” rating and issued a $77.00 price target (up from $64.00) on shares of Spectrum Brands in a research report on Thursday, May 9th. Zacks Investment Research cut GenMark Diagnostics from a “hold” rating to a “sell” rating in a research report on Wednesday, April 24th. Deutsche Bank reiterated a “hold” rating on shares of AIB Group in a research report on Monday, April 8th. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $11.00 price target on shares of Coty in a research report on Wednesday, May 8th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Spectrum Brands has a consensus rating of “Hold” and an average price target of $57.39.

SPB opened at $51.54 on Friday. The company has a market capitalization of $2.44 billion, a PE ratio of 14.56, a PEG ratio of 8.26 and a beta of 1.84. The company has a current ratio of 1.60, a quick ratio of 0.82 and a debt-to-equity ratio of 1.21. Spectrum Brands has a 1 year low of $40.54 and a 1 year high of $92.72. The company’s 50 day moving average price is $55.82.

Spectrum Brands (NYSE:SPB) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.12). The firm had revenue of $906.70 million for the quarter, compared to the consensus estimate of $874.57 million. Spectrum Brands had a net margin of 24.97% and a return on equity of 6.03%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 earnings per share. Analysts anticipate that Spectrum Brands will post 2.82 earnings per share for the current year.

A number of large investors have recently made changes to their positions in SPB. FMR LLC boosted its stake in Spectrum Brands by 14.3% in the first quarter. FMR LLC now owns 7,895,443 shares of the company’s stock worth $432,511,000 after purchasing an additional 986,101 shares in the last quarter. Pzena Investment Management LLC acquired a new position in Spectrum Brands in the first quarter worth $33,401,000. Norges Bank acquired a new position in Spectrum Brands in the fourth quarter worth $16,899,000. Bank of New York Mellon Corp boosted its stake in Spectrum Brands by 247.4% in the fourth quarter. Bank of New York Mellon Corp now owns 448,768 shares of the company’s stock worth $18,961,000 after purchasing an additional 319,592 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Spectrum Brands by 4,007.4% in the fourth quarter. Teacher Retirement System of Texas now owns 195,267 shares of the company’s stock worth $8,250,000 after purchasing an additional 190,513 shares in the last quarter.

About Spectrum Brands

Spectrum Brands Holdings, Inc operates as a branded consumer products company worldwide. The company's Hardware & Home Improvement segment offers hardware products under the National Hardware, Stanley, and FANAL brands; locksets and door hardware under the Kwikset, Weiser, Baldwin, EZSET, and Tell brands; and plumbing products under the Pfister brand.

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Analyst Recommendations for Spectrum Brands (NYSE:SPB)

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