Newell Brands Inc (NYSE:NWL) shares rose 11.9% during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $52.87 and last traded at $51.93, with a volume of 14,279,519 shares traded. The stock had previously closed at $46.39.
The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.23 billion. Newell Brands had a return on equity of 13.59% and a net margin of 3.98%. Newell Brands’s revenue was up 148.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be given a $0.23 dividend. This is an increase from Newell Brands’s previous quarterly dividend of $0.19. This represents a $0.92 annualized dividend and a yield of 1.77%. The ex-dividend date is Friday, May 26th. Newell Brands’s payout ratio is currently 64.96%.
A number of brokerages have recently commented on NWL. B. Riley reissued a “buy” rating and set a $67.00 price objective on shares of Newell Brands in a research report on Tuesday, February 7th. Zacks Investment Research raised Newell Brands from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Tuesday, April 11th. Jefferies Group LLC reissued a “buy” rating and set a $61.00 price objective on shares of Newell Brands in a research report on Tuesday, February 14th. KeyCorp decreased their target price on Newell Brands from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, February 7th. Finally, Royal Bank of Canada restated a “buy” rating on shares of Newell Brands in a research note on Tuesday, February 7th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. Newell Brands has a consensus rating of “Buy” and an average target price of $57.93.
In other news, Director Thomas E. Clarke sold 5,353 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $52.49, for a total transaction of $280,978.97. Following the completion of the sale, the director now owns 66,286 shares in the company, valued at $3,479,352.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin E. Franklin sold 340,000 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $48.34, for a total value of $16,435,600.00. Following the transaction, the director now directly owns 4,840,926 shares in the company, valued at approximately $234,010,362.84. The disclosure for this sale can be found here. Insiders have sold 350,706 shares of company stock valued at $16,980,910 in the last 90 days. Company insiders own 0.66% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Newell Brands by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,571,725 shares of the company’s stock worth $2,196,788,000 after buying an additional 1,584,954 shares in the last quarter. BlackRock Inc. raised its position in shares of Newell Brands by 3,249.0% in the first quarter. BlackRock Inc. now owns 29,974,712 shares of the company’s stock worth $1,413,905,000 after buying an additional 29,079,686 shares in the last quarter. State Street Corp raised its position in shares of Newell Brands by 5.1% in the fourth quarter. State Street Corp now owns 22,868,748 shares of the company’s stock worth $1,021,092,000 after buying an additional 1,116,005 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Newell Brands by 32.0% in the third quarter. JPMorgan Chase & Co. now owns 13,288,502 shares of the company’s stock worth $700,222,000 after buying an additional 3,225,216 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Newell Brands by 6.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,876,886 shares of the company’s stock valued at $465,892,000 after buying an additional 563,331 shares during the period. 93.22% of the stock is currently owned by hedge funds and other institutional investors.
About Newell Brands
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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