Alloycorp Mining (AVT) Board Initiates Stock Buyback Plan
Alloycorp Mining (NYSE:AVT) declared that its Board of Directors has authorized a share buyback program, which permits the company to buyback $200.00 million in outstanding shares on Friday, November 10th, EventVestor reports. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Several research firms have commented on AVT. TheStreet downgraded shares of Alloycorp Mining from a “b” rating to a “c” rating in a report on Thursday, October 26th. Deutsche Bank AG restated a “hold” rating and issued a $39.00 price target (down from $40.00) on shares of Alloycorp Mining in a research note on Thursday, August 10th. BidaskClub downgraded shares of Alloycorp Mining from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Cross Research upgraded shares of Alloycorp Mining from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, Citigroup Inc. upped their price target on shares of Alloycorp Mining from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Alloycorp Mining has a consensus rating of “Hold” and a consensus target price of C$40.29.
Shares of Alloycorp Mining (NYSE:AVT) opened at C$39.56 on Friday. Alloycorp Mining has a 52-week low of C$35.67 and a 52-week high of C$51.50.
Alloycorp Mining (NYSE:AVT) last posted its quarterly earnings data on Thursday, October 26th. The company reported C$0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.71 by C$0.05. Alloycorp Mining had a net margin of 1.25% and a return on equity of 4.48%. The business had revenue of C$4.66 billion during the quarter, compared to analysts’ expectations of C$4.34 billion. During the same quarter in the prior year, the business posted $0.91 earnings per share. Alloycorp Mining’s revenue was up 13.2% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%.
In other news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of C$37.10, for a total value of C$393,260.00. Following the completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at C$452,286.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
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About Alloycorp Mining
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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