BlackRock Fund Advisors recently announced the acquisition of new stake in Newell Brands Inc (NASDAQ:NWL). The institutional investor has increased its shareholding in the Consumer Defensive company by 91.51% to 55.37 million shares with purchase of 26.46 million shares. This fresh investment now brings its stake to 13.37% valued currently at $372.06 million. In addition, Pzena Investment Management LLC raised its holdings by 2.37 million to 54.8 million shares. And The Vanguard Group, Inc. has lifted its position by 1.89% or 0.81 million shares – to 43.6 million shares.
With over 4.18 million Newell Brands Inc (NWL) shares trading Tuesday and a closing price of $7.59 on the day, the dollar volume was approximately $31.74 million. The shares have shown a negative half year performance of -13.85% and its price on 11/28/23 gained nearly 2.15%. Currently, there are 413.60M common shares owned by the public and among those 413.03M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for NWL have a consensus price objective of $7.88. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $5.00. The average price target is 3.68% above its recent price level and a downside to the estimated low will see the stock lose -51.8% over that period. But an upside of 36.75% will see the stock hit the forecast high price target while median target price for the stock is $7.50.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 530,180 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 700,484 shares.
The top 3 mutual fund holders in Newell Brands Inc are iShares Core S&P Small Cap ETF, St. James’s Place Unit Trust – Gl, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 25.64 million shares of the company’s stock, all valued at over $172.28 million. The company sold 80545.0 shares recently to bring their total holdings to about 6.19% of the shares outstanding. St. James’s Place Unit Trust – Gl bought 5.43 million shares to see its total holdings expand to 12.62 million shares valued at over $84.77 million and representing 3.05% of the shares outstanding. Vanguard Total Stock Market ETF bought 25356.0 shares to bring its total holdings to over 12.48 million shares at a value of $83.86 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.01% of the shares outstanding.
Shares of Newell Brands Inc (NASDAQ: NWL) opened at $7.40, down -$0.03 from a prior closing price of $7.43. However, the script later moved the day high at 7.62, up 2.15%. The company’s stock has a 5-day price change of 1.07% and -27.30% over the past three months. NWL shares are trading -41.97% year to date (YTD), with the 12-month market performance down to -43.15% lower. It has a 12-month low price of $6.49 and touched a high of $16.75 over the same period. NWL has an average intraday trading volume of 6.89 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.63%, 0.46%, and -23.86% respectively.
Institutional ownership of Newell Brands Inc (NASDAQ: NWL) shares accounts for 95.81% of the company’s 413.60M shares outstanding. Mutual fund holders own 39.51%, while other institutional holders and individual stakeholders account for 57.18% and 10.64% respectively.
It has a market capitalization of $3.14B and a beta (3y monthly) value of 1.00. The earnings-per-share (ttm) stands at -$1.33. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.74% over the week and 4.12% over the month.
Analysts forecast that Newell Brands Inc (NWL) will achieve an EPS of $0.17 for the current quarter, $0.02 for the next quarter and $0.77 for 2024. The lowest estimate earnings-per-share for the quarter is $0.16 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was $0.16 a year ago. Earnings per share for the fiscal year are expected to decrease by -52.43%, and 3.29% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Newell Brands Inc (NWL) as a “Moderate Buy” at a consensus score of 2.77. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 9 of the 13 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NWL, a number of firms have released research notes about the stock. Truist stated their Hold rating for the stock in a research note on October 30, 2023, with the firm’s price target at $20-$8.
