PNC Financial Services Group Inc. Lowers Position in Newell Brands Inc. (NASDAQ:NWL)

Posted by Defense World Staff on Jun 1st, 2023

PNC Financial Services Group Inc. cut its holdings in Newell Brands Inc. (NASDAQ:NWL – Get Rating) by 38.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,003 shares of the company’s stock after selling 43,486 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Newell Brands were worth $903,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fairfield Bush & CO. acquired a new position in Newell Brands in the 1st quarter worth approximately $26,000. Canada Pension Plan Investment Board grew its stake in shares of 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 purchasing an additional 3,601 shares during the period. RFP Financial Group LLC purchased a new position in shares of Newell Brands during the 4th quarter valued at approximately $73,000. Covestor Ltd lifted its position in shares of Newell Brands by 195.8% during the 1st quarter. Covestor Ltd now owns 6,900 shares of the company’s stock valued at $148,000 after buying an additional 4,567 shares in the last quarter. Finally, Guardian Wealth Advisors LLC purchased a new position in shares of Newell Brands during the 3rd quarter valued at approximately $98,000. 92.31% of the stock is owned by hedge funds and other institutional investors.

Newell Brands Price Performance

NWL stock opened at $8.31 on Thursday. The business has a 50 day moving average price of $10.89 and a 200 day moving average price of $12.72. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of -28.65 and a beta of 0.92. Newell Brands Inc. has a fifty-two week low of $8.25 and a fifty-two week high of $21.86. The company has a quick ratio of 0.55, a current ratio of 1.23 and a debt-to-equity ratio of 1.43.

Newell Brands (NASDAQ:NWL – Get Rating) last posted its earnings results on Friday, April 28th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Newell Brands had a positive return on equity of 13.59% and a negative net margin of 1.31%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. Newell Brands’s revenue for the quarter was down 24.4% compared to the same quarter last year. Equities research analysts anticipate that Newell Brands Inc. will post 0.97 earnings per share for the current fiscal year.

Newell Brands Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 31st will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Tuesday, May 30th. Newell Brands’s dividend payout ratio is currently -96.55%.

Insider Buying and Selling at Newell Brands

In other news, CFO Mark J. Erceg bought 9,515 shares of the stock in a transaction on Wednesday, May 3rd. The shares were bought at an average price of $9.99 per share, with a total value of $95,054.85. Following the completion of the acquisition, the chief financial officer now owns 153,140 shares of the company’s stock, valued at $1,529,868.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Mark J. Erceg acquired 28,282 shares of Newell Brands stock in a transaction dated Thursday, March 9th. The shares were acquired at an average cost of $13.00 per share, for a total transaction of $367,666.00. Following the completion of the transaction, the chief financial officer now directly owns 94,982 shares of the company’s stock, valued at $1,234,766. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark J. Erceg acquired 9,515 shares of Newell Brands stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average price of $9.99 per share, for a total transaction of $95,054.85. Following the completion of the transaction, the chief financial officer now directly owns 153,140 shares of the company’s stock, valued at $1,529,868.60. The disclosure for this purchase can be found here. 0.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on NWL. StockNews.com began coverage on Newell Brands in a report on Thursday, March 16th. They issued a “sell” rating on the stock. Barclays decreased their price objective on Newell Brands from $13.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft decreased their price objective on Newell Brands from $14.00 to $13.00 in a report on Monday, May 1st. Raymond James reduced their price target on Newell Brands from $18.00 to $17.00 and set a “strong-buy” rating on the stock in a report on Monday, February 13th. Finally, Morgan Stanley reduced their price target on Newell Brands from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, February 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Newell Brands currently has an average rating of “Hold” and an average target price of $17.18.

Newell Brands Company Profile

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Newell Brands, Inc engages in the manufacture, marketing, and sale of consumer and commercial products. It operates through the following segments: Commercial Solutions, Home Appliances, Home Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment includes commercial cleaning and maintenance solutions, closet and garage organization, hygiene systems and material handling solutions, connected home and security, and smoke and carbon monoxide alarms.