Tronox (TROX) Board Authorizes Share Buyback Program
Tronox (NASDAQ:TROX) announced that its board has initiated a stock buyback plan, which permits the company to repurchase 2,500,000 outstanding shares on Friday, June 29th, EventVestor reports. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Tronox (NASDAQ:TROX) traded up 2.71% during mid-day trading on Friday, hitting $19.69. The company’s stock had a trading volume of 1,090,494 shares. The firm has a 50 day moving average of $17.61 and a 200-day moving average of $16.41. The firm has a market cap of $2.34 billion and a price-to-earnings ratio of 49.35. Tronox has a 52-week low of $7.40 and a 52-week high of $21.00.
Tronox (NASDAQ:TROX) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.16. The firm had revenue of $622 million for the quarter, compared to the consensus estimate of $601.55 million. The business’s revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company posted ($0.43) EPS. On average, equities research analysts expect that Tronox will post $0.13 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Monday, August 21st will be given a dividend of $0.045 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $0.18 dividend on an annualized basis and a yield of 0.91%.
Separately, UBS AG reissued a “sell” rating and issued a $14.00 price target (down previously from $15.00) on shares of Tronox in a research note on Wednesday, June 14th.
Tronox Company Profile
Tronox Limited produces and markets titanium bearing mineral sands and titanium dioxide (TiO2) pigment in North America, Europe, South Africa, and the Asia-Pacific region. It primarily operates in two segments, TiO2 and Alkali. The TiO2 segment engages in the exploration, mining, and beneficiation of mineral sands deposits.
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