Newell Brands Inc (NWL) Shares Sold by Gamco Investors INC. ET AL
Gamco Investors INC. ET AL cut its position in shares of Newell Brands Inc (NYSE:NWL) by 14.8% in the fourth quarter, HoldingsChannel reports. The firm owned 19,300 shares of the company’s stock after selling 3,358 shares during the period. Gamco Investors INC. ET AL’s holdings in Newell Brands were worth $596,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of NWL. Parkside Investments LLC bought a new stake in Newell Brands during the 3rd quarter valued at $107,000. Cerebellum GP LLC purchased a new position in shares of Newell Brands in the 4th quarter valued at $123,000. WINTON GROUP Ltd purchased a new position in shares of Newell Brands in the 2nd quarter valued at $202,000. Belpointe Asset Management LLC purchased a new position in shares of Newell Brands in the 3rd quarter valued at $226,000. Finally, Zions Bancorporation increased its holdings in shares of Newell Brands by 72.6% in the 3rd quarter. Zions Bancorporation now owns 5,588 shares of the company’s stock valued at $238,000 after acquiring an additional 2,350 shares during the period. 91.23% of the stock is owned by institutional investors and hedge funds.
In other Newell Brands news, CEO Michael B. Polk bought 7,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were purchased at an average cost of $28.22 per share, for a total transaction of $197,540.00. Following the purchase, the chief executive officer now directly owns 616,296 shares in the company, valued at $17,391,873.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.97% of the stock is owned by insiders.
Newell Brands declared that its Board of Directors has authorized a stock buyback program on Thursday, November 2nd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
A number of brokerages have recently issued reports on NWL. Morgan Stanley lifted their price target on Newell Brands from $25.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday. FIX reiterated a “hold” rating and issued a $23.00 price target on shares of Newell Brands in a report on Thursday, February 8th. ValuEngine downgraded Newell Brands from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Oppenheimer reiterated a “hold” rating on shares of Newell Brands in a report on Tuesday, January 30th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $35.00 price target on shares of Newell Brands in a report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $39.18.
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About Newell Brands
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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