Pzena Investment Management Holds 4.9% Stake in Newell Brands

TL;DR

**Pzena still big on NWL, but trimmed their stake slightly.**

AI Summary

Pzena Investment Management LLC, an investment adviser, reported owning 20,405,103 shares of Newell Brands Inc. common stock as of December 31, 2023. This represents 4.9% of Newell Brands' outstanding shares, a slight decrease from their previous reported holdings. This matters to investors because it shows a significant institutional investor maintains a large, but slightly reduced, stake in the company, indicating continued confidence but also a minor trimming of their position.

Why It Matters

This filing reveals a major institutional investor's current position in Newell Brands, offering insight into their conviction and potential future actions regarding the stock.

Risk Assessment

Risk Level: low — This filing indicates a stable, significant institutional holding, which generally reduces volatility and provides a vote of confidence.

Analyst Insight

Investors should note that a major institutional investor like Pzena Investment Management LLC still holds a substantial stake in Newell Brands, suggesting a degree of long-term confidence, but the slight reduction in their position might warrant further investigation into the company's recent performance or outlook.

Key Numbers

• 20,405,103 — Shares Owned (Total shares of Newell Brands Inc. common stock beneficially owned by Pzena Investment Management LLC.)
• 4.9% — Ownership Percentage (The percentage of Newell Brands Inc.'s common stock outstanding owned by Pzena Investment Management LLC.)
• December 31, 2023 — Reporting Date (The date as of which the ownership stake was calculated for this filing.)

Key Players & Entities

• Pzena Investment Management LLC (company) — the reporting person and investment adviser
• NEWELL BRANDS INC. (company) — the subject company (issuer)
• 20,405,103 (dollar_amount) — shares beneficially owned by Pzena Investment Management LLC
• 4.9% (dollar_amount) — percentage of class outstanding owned by Pzena Investment Management LLC
• December 31, 2023 (person) — the date of the event requiring the filing

Forward-Looking Statements

• Pzena Investment Management LLC will likely maintain a significant, but potentially fluctuating, stake in Newell Brands Inc. over the next year. (Pzena Investment Management LLC) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• newell_brands_inc._13g_d.htm (SC 13G) — 95KB
• 0000950170-24-011988.txt ( ) — 97KB

IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or Dealer registered under Section 15 of the Act (b) [ ] Bank as defined in section 3(a)(6) of the Act (c) [ ] Insurance Company as defined in section 3(a)(19) of the Act (d) [ ] Investment Company registered under section 8 of the Investment Company Act of 1940 (e) [ x ] Investment Adviser registered under section 203 of the Investment Advisers Act or under the laws of any State (f) [ ] Employee Benefit Plan, Pension fund which is subject to the Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F) (g) [ ] Parent Holding Company or Control Person, in accordance with ss.240.13d-1(b)(ii)(G) (Note: See Item 7) (h) [ ] A Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act (i) [ ] A Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J) If this statement is filed pursuant to ss.240.13d-1(c), check this box [ ]. SCHEDULE 13G CUSIP NO. 651229106 PAGE 4 OF 6 PAGES

OWNERSHIP

ITEM 4. OWNERSHIP If the percent of the class owned, as of December 31 of the year covered by this statement, or as of the last day of any month described in Rule 13d-1(b)(2) if applicable exceeds five percent, provide the following information as of that date and identify those shares which there is a right to acquire. (a) Amount Beneficially Owned: 54,518,863 (b) Percent of Class: 13.2% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 45,540,516 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition of: 54,518,863 (iv) shared power to dispose or to direct the disposition of: 0

OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employees benefit plan, pension fund or endowment fund is not required. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c), attach an exhibit stating the identification of the relevant subsidiary. NOT APPLICABLE.

IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(J), so indicate under Item 3(h) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE.

NOTICE OF DISSOLUTION OF GROUP

ITEM 9. NOTICE OF DISSOLUTION OF GROUP Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security report on will be filed, if required, by members of the group, in their individual capacity. NOT APPLICABLE. SCHEDULE 13G CUSIP NO. 651229106 PAGE 5 OF 6 PAGES

CERTIFICATION

ITEM 10. CERTIFICATION By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SCHEDULE 13G CUSIP NO. 651229106 PAGE 6 OF 6 PAGES After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. February 7, 2024 /s/ Steven Coffey, Chief Legal Risk Officer & Chief Compliance Officer NAME/TITLE

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