Wells Fargo analyst Bonnie Herzog reiterated a Buy rating on Newell Brands (NYSE: NWL) yesterday and set a price target of $35. The company’s shares closed on Friday at $23.12, close to its 52-week low of $22.60.
Herzog said:
“We feel the selloff is way overdone and highlight NWL’s 4% dividend yield as evidence. We believe the selloff is likely driven by concerns surrounding n.t. fundamental headwinds (including a weak Q2), recent unexpected mgmt departures, and the increased risk of trade issues with China. While we acknowledge shares could trade sideways over the next couple of months as we navigate through the n.t. choppiness, we see a number of positives emerging and believe the recent pullback presents a good buying opportunity for patient, long-term investors. We reiterate our Outperform rating and $35 price target.”
According to TipRanks.com, Herzog is a 4-star analyst with an average return of 7.5% and a 69.0% success rate. Herzog covers the Consumer Goods sector, focusing on stocks such as The Estée Lauder Companies Inc, Constellation Brands Inc, and Edgewell Personal Care.
Newell Brands has an analyst consensus of Moderate Buy, with a price target consensus of $30.40.
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Based on Newell Brands’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $53.3 million. In comparison, last year the company had a net profit of $639 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NWL in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Newell Brands, Inc. engages in the manufacture, marketing, and sale of consumer and commercial products. It operates through the following segments: Live, Learn, Work, Play, and Other. The Live segment sources , markets, and distributes a line of household products.
