Newell Brands (NASDAQ:NWL) Updates Q3 2023 Earnings Guidance

Posted by Defense World Staff on Jul 31st, 2023

Newell Brands (NASDAQ:NWL – Get Free Report) issued an update on its third quarter 2023 earnings guidance on Friday morning. The company provided earnings per share guidance of $0.20-$0.24 for the period, compared to the consensus earnings per share estimate of $0.45. The company issued revenue guidance of $2.11 billion-$2.16 billion, compared to the consensus revenue estimate of $2.21 billion. Newell Brands also updated its FY 2023 guidance to $0.80-$0.90 EPS.

Newell Brands Stock Up 7.7 %

Shares of NWL stock opened at $11.04 on Monday. The stock has a market cap of $4.57 billion, a P/E ratio of -14.92 and a beta of 0.94. Newell Brands has a 52 week low of $7.80 and a 52 week high of $21.55. The company has a quick ratio of 0.62, a current ratio of 1.25 and a debt-to-equity ratio of 1.43. The company’s fifty day simple moving average is $9.01 and its two-hundred day simple moving average is $10.91.

Newell Brands (NASDAQ:NWL – Get Free Report) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.13 by $0.11. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Newell Brands had a negative net margin of 3.53% and a positive return on equity of 10.33%. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. Analysts predict that Newell Brands will post 0.85 EPS for the current fiscal year.

Newell Brands Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were issued a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.54%. Newell Brands’s dividend payout ratio (DPR) is presently -37.84%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NWL. Citigroup reduced their target price on shares of Newell Brands from $13.00 to $9.00 in a report on Tuesday, June 13th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Newell Brands from $14.00 to $13.00 in a report on Monday, May 1st. Canaccord Genuity Group began coverage on shares of Newell Brands in a report on Tuesday, July 11th. They issued a buy rating and a $13.00 target price on the stock. Barclays reduced their target price on shares of Newell Brands from $10.00 to $9.00 and set an underweight rating on the stock in a report on Thursday, July 20th. Finally, Raymond James reduced their target price on shares of Newell Brands from $15.00 to $13.00 and set a strong-buy rating on the stock in a report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $15.83.

Insiders Place Their Bets

In related news, CFO Mark J. Erceg bought 9,515 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $9.99 per share, for a total transaction of $95,054.85. Following the purchase, the chief financial officer now directly owns 153,140 shares of the company’s stock, valued at $1,529,868.60. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Newell Brands

Several hedge funds have recently modified their holdings of NWL. Fairfield Bush & CO. purchased a new stake in shares of Newell Brands in the 1st quarter worth approximately $26,000. Canada Pension Plan Investment Board lifted its position in Newell Brands by 711.7% during the first quarter. Canada Pension Plan Investment Board now owns 4,107 shares of the company’s stock valued at $88,000 after acquiring an additional 3,601 shares during the last quarter. Belpointe Asset Management LLC lifted its position in Newell Brands by 629.5% during the first quarter. Belpointe Asset Management LLC now owns 7,244 shares of the company’s stock valued at $90,000 after acquiring an additional 6,251 shares during the last quarter. Ossiam lifted its position in Newell Brands by 40.1% during the first quarter. Ossiam now owns 8,764 shares of the company’s stock valued at $109,000 after acquiring an additional 2,507 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in Newell Brands during the first quarter valued at approximately $146,000. Hedge funds and other institutional investors own 94.88% of the company’s stock.

Newell Brands Company Profile

(Get Free Report)

Newell Brands Inc engages in the design, manufacture, sourcing, and distribution of consumer and commercial products worldwide. The company 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 connected home and security products under the Mapa, Quickie, Rubbermaid, Rubbermaid Commercial Products, and Spontex brands.