Newell Brands (NYSE:NWL) had its price objective trimmed by Citigroup from $36.00 to $29.00 in a report released on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.
Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Co reaffirmed a buy rating on shares of Newell Brands in a report on Monday, June 11th. Barclays reaffirmed a hold rating and issued a $29.00 price objective on shares of Newell Brands in a report on Sunday, May 13th. Zacks Investment Research raised shares of Newell Brands from a sell rating to a hold rating in a report on Tuesday, May 8th. Deutsche Bank reduced their price objective on shares of Newell Brands to $23.00 and set a hold rating for the company in a report on Tuesday, August 7th. Finally, Bank of America cut their price target on shares of Newell Brands from $30.00 to $25.00 and set a neutral rating for the company in a report on Tuesday, August 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $29.29.
NWL stock traded down $0.06 during trading on Wednesday, hitting $20.82. The company had a trading volume of 11,813,545 shares, compared to its average volume of 9,073,852. The company has a market capitalization of $10.14 billion, a P/E ratio of 7.73, a PEG ratio of 3.88 and a beta of 0.73. Newell Brands has a fifty-two week low of $20.21 and a fifty-two week high of $50.90. The company has a quick ratio of 1.20, a current ratio of 3.17 and a debt-to-equity ratio of 0.66.
Newell Brands announced that its Board of Directors has authorized a share buyback plan on Monday, June 11th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the company to repurchase up to 19.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Shareholders of record on Friday, August 31st will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 4.42%. Newell Brands’s payout ratio is 33.45%.
In related news, Director James Craigie acquired 1,000 shares of the business’s stock in a transaction on Friday, May 18th. The shares were purchased at an average price of $26.67 per share, for a total transaction of $26,670.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael Todman acquired 4,000 shares of the business’s stock in a transaction on Monday, May 21st. The shares were bought at an average price of $26.53 per share, for a total transaction of $106,120.00. The disclosure for this purchase can be found here. Insiders acquired a total of 16,500 shares of company stock valued at $378,085 over the last three months. 0.97% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Philadelphia Trust Co. raised its holdings in Newell Brands by 33.3% during the 2nd quarter. Philadelphia Trust Co. now owns 261,085 shares of the company’s stock worth $6,733,000 after buying an additional 65,195 shares during the period. 22NW LP acquired a new stake in Newell Brands during the 2nd quarter worth about $4,011,000. Commerzbank Aktiengesellschaft FI raised its holdings in Newell Brands by 11.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 109,639 shares of the company’s stock worth $2,828,000 after buying an additional 11,308 shares during the period. Gamco Investors INC. ET AL raised its holdings in Newell Brands by 156.4% during the 2nd quarter. Gamco Investors INC. ET AL now owns 80,500 shares of the company’s stock worth $2,076,000 after buying an additional 49,100 shares during the period. Finally, Gabelli Funds LLC raised its holdings in Newell Brands by 42.3% during the 2nd quarter. Gabelli Funds LLC now owns 183,352 shares of the company’s stock worth $4,729,000 after buying an additional 54,500 shares during the period. Hedge funds and other institutional investors own 96.95% of the company’s stock.
About Newell Brands
Newell Brands Inc designs, manufactures, sources, and distributes consumer and commercial products worldwide. The company's Live segment offers household products, including kitchen appliances, gourmet cookware, bakeware and cutlery, food storage and home storage products, fresh preserving products, and home fragrance products; and baby gear, infant care, and health products primarily under Aprica, Baby Jogger, Ball, Calphalon, Chesapeake Bay Candle, Crock-Pot, FoodSaver, Graco, Mr.
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