Newell Brands Inc. (NWL) receives a Buy rating from Canaccord Genuity


Newell Brands Inc.’s filing revealed that its Chief Financial Officer Erceg Mark J acquired Company’s shares for reported $0.9 million on May 04. In the deal valued at $9.98 per share,90,585 shares were bought. As a result of this transaction, Erceg Mark J now holds 243,725 shares worth roughly $ 2.31 million.

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Then, Erceg Mark J bought 9,515 shares, generating $95,055 in total proceeds. Upon buying the shares at $9.99, the Chief Financial Officer now owns 153,140 shares.

Before that, Erceg Mark J bought 48,643 shares. Newell Brands Inc. shares valued at $623,117 were divested by the Chief Financial Officer at a price of $12.81 per share. As a result of the transaction, Erceg Mark J now holds 143,625 shares, worth roughly $1.36 million.

Canaccord Genuity initiated its Newell Brands Inc. [NWL] rating to a Buy in a research note published on Monday, July 11, 2023; the price target was $13. PT values the company’s stock at a premium of 27.0 to its Monday closing price.

Price Performance Review of NWL

On Monday, Newell Brands Inc. [NASDAQ:NWL] saw its stock remained unchanged to $9.49. On the same session, the stock had its day’s lowest price of $9.16, but rose to a high of $9.535. Over the last five days, the stock has gained 1.61%. Newell Brands Inc. shares have fallen nearly -27.45% since the year began. Nevertheless, the stocks have fallen -43.24% over the past one year. While a 52-week high of $16.75 was reached on 02/02/23, a 52-week low of $7.80 was recorded on 06/23/23. SMA at 50 days reached $10.22, while 200 days put it at $11.62. A total of 6.68 million shares were traded, compared to the trading of 109.07 million shares in the previous session.

Levels Of Support And Resistance For NWL Stock

The 24-hour chart illustrates a support level at 9.26, which if violated will result in even more drops to 9.02. On the upside, there is a resistance level at 9.63. A further resistance level may holdings at 9.77. The Relative Strength Index (RSI) on the 14-day chart is 40.20, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.41, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 77.12%. Stochastics %K at 27.69% indicates the stock is a holding.

How much short interest is there in Newell Brands Inc.?

A steep rise in short interest was recorded in Newell Brands Inc. stocks on Aug 30, 2023, dropping by -2.14 million shares to a total of 21.51 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 23.65 million shares. There was a decline of -9.95%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 9.25% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.59.

Newell Brands Inc. [NWL] – Who Are The Largest Shareholders?

In filings from Pzena Investment Management LLC, it is revealed that the company now owns 52,422,875 shares, or roughly 12.66% of the outstanding NWL shares. In other words, the investor’s shares have risen by 1,617,796 from its previous 13-F filing of 50805079.0. Additionally, The Vanguard Group, Inc. decreased -0.03% of its stake after which the total value it holdings stand at $452,701,029, while BlackRock Fund Advisors reduced -6.96% of its stake to hold $305.87 million in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -1,323,067 shares of Newell Brands Inc., while Icahn Associates Holding LLC sold -9,572,898 shares. At present, JPMorgan Investment Management, I is holding 17,198,817 shares valued at $181.96 million. Invesco Capital Management LLC owned 13,086,472 shares of the company at the time of its most recent 13F filing, worth $138.45 million.

According to FactSet, Newell Brands Inc.’s share price will average $12.67 in the next year, based on opinions of analysts polled by the firm. This is up nearly 31.72 percent from its previous closing price of $9.49. Analysts expect Newell Brands Inc. stock to reach the higher price of $20.00, while the lowest price estimate is $9.00. However, 12 analysts have rated NWL stock as a Hold in their predictions for 2023.


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