Newell Brands (NASDAQ:NWL – Get Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided EPS guidance of $1.56-$1.70 for the period, compared to the consensus EPS estimate of $1.83. The company issued revenue guidance of $9.37 billion-$9.58 billion, compared to the consensus revenue estimate of $9.89 billion. Newell Brands also updated its Q3 2022 guidance to $0.46-$0.51 EPS.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the company. Wells Fargo & Company reduced their price target on Newell Brands from $20.00 to $18.00 and set an equal weight rating on the stock in a research report on Wednesday, September 7th. Morgan Stanley decreased their target price on Newell Brands from $27.00 to $25.00 and set an equal weight rating for the company in a research note on Wednesday, August 3rd. Raymond James dropped their price objective on Newell Brands from $26.00 to $23.00 in a report on Wednesday, September 7th. Barclays lowered their target price on shares of Newell Brands from $19.00 to $18.00 and set an equal weight rating on the stock in a research report on Monday, September 12th. Finally, Jefferies Financial Group dropped their price objective on shares of Newell Brands from $34.00 to $28.00 and set a buy rating on the stock in a research note on Wednesday, September 14th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Newell Brands currently has a consensus rating of Moderate Buy and a consensus target price of $22.00.
Newell Brands Stock Performance
Newell Brands stock traded down $0.41 during mid-day trading on Friday, reaching $14.40. The company’s stock had a trading volume of 64,832 shares, compared to its average volume of 3,530,031. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 8.71 and a beta of 0.76. The business has a 50 day moving average price of $19.07 and a 200-day moving average price of $20.47. Newell Brands has a twelve month low of $14.77 and a twelve month high of $26.45. The company has a current ratio of 1.03, a quick ratio of 0.48 and a debt-to-equity ratio of 0.96.
Newell Brands Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 6.39%. The ex-dividend date was Tuesday, August 30th. Newell Brands’s dividend payout ratio is currently 54.12%.
Insider Transactions at Newell Brands
In other news, Director Brett Icahn sold 71,304 shares of the business’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $16.89, for a total transaction of $1,204,324.56. Following the transaction, the director now owns 953,003 shares in the company, valued at approximately $16,096,220.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Newell Brands news, Director Courtney Mather sold 50,000 shares of Newell Brands stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $18.17, for a total transaction of $908,500.00. Following the sale, the director now directly owns 10,691 shares of the company’s stock, valued at $194,255.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brett Icahn sold 71,304 shares of the stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $16.89, for a total value of $1,204,324.56. Following the transaction, the director now owns 953,003 shares of the company’s stock, valued at $16,096,220.67. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.
Institutional Trading of Newell Brands
Hedge funds and other institutional investors have recently modified their holdings of the stock. Fairfield Bush & CO. acquired a new stake in Newell Brands during the 1st quarter worth $26,000. Canada Pension Plan Investment Board raised its stake in Newell Brands by 711.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 4,107 shares of the company’s stock worth $88,000 after buying an additional 3,601 shares during the period. Covestor Ltd lifted its holdings in Newell Brands by 195.8% during the first quarter. Covestor Ltd now owns 6,900 shares of the company’s stock worth $148,000 after acquiring an additional 4,567 shares in the last quarter. XTX Topco Ltd acquired a new position in Newell Brands in the first quarter valued at about $205,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Newell Brands in the second quarter worth about $208,000. Institutional investors and hedge funds own 91.05% of the company’s stock.
About Newell Brands
Newell Brands Inc designs, manufactures, sources, and distributes consumer and commercial products worldwide. It operates in five segments: Commercial Solutions, Home Appliances, Home Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment provides commercial cleaning and maintenance solutions; closet and garage organization products; hygiene systems and material handling solutions; and home and security, and smoke and carbon monoxide alarms products under the BRK, First Alert, Mapa, Quickie, Rubbermaid, Rubbermaid Commercial Products, and Spontex brands.
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