Sally Beauty Holdings (SBH) to Buyback $1.00 billion in Outstanding Stock
Sally Beauty Holdings (NYSE:SBH) announced that its board has approved a stock buyback program, which authorizes the company to buyback $1.00 billion in shares on Thursday, August 31st, EventVestor reports. This buyback authorization authorizes the specialty retailer to purchase up to 40.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Sally Beauty Holdings (NYSE SBH) traded up 1.694% on Friday, reaching $18.905. 668,601 shares of the company were exchanged. Sally Beauty Holdings has a 52 week low of $17.26 and a 52 week high of $30.17. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 11.542 and a beta of 0.65. The stock has a 50-day moving average price of $19.58 and a 200 day moving average price of $19.86.
Sally Beauty Holdings (NYSE:SBH) last issued its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.03. The firm had revenue of $998.04 million during the quarter, compared to analysts’ expectations of $1 billion. Sally Beauty Holdings had a net margin of 5.89% and a negative return on equity of 80.60%. Sally Beauty Holdings’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. Analysts forecast that Sally Beauty Holdings will post $1.82 earnings per share for the current year.
SBH has been the subject of several research reports. Robert W. Baird set a $26.00 price objective on shares of Sally Beauty Holdings and gave the stock a “buy” rating in a research note on Saturday, May 6th. DA Davidson reiterated a “buy” rating and set a $23.00 price objective on shares of Sally Beauty Holdings in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of Sally Beauty Holdings from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Sally Beauty Holdings from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. Finally, ValuEngine downgraded shares of Sally Beauty Holdings from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $24.70.
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In other Sally Beauty Holdings news, Director Edward W. Rabin purchased 4,250 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was purchased at an average price of $18.06 per share, for a total transaction of $76,755.00. Following the purchase, the director now directly owns 16,653 shares in the company, valued at $300,753.18. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christian A. Brickman purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average price of $17.90 per share, with a total value of $179,000.00. Following the purchase, the chief executive officer now owns 172,543 shares in the company, valued at $3,088,519.70. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 34,250 shares of company stock valued at $606,555. 0.97% of the stock is owned by company insiders.
Sally Beauty Holdings Company Profile
Sally Beauty Holdings, Inc is an international specialty retailer and distributor of professional beauty supplies with operations primarily in North America, South America and Europe. The Company operates through two business segments: Sally Beauty Supply and Beauty Systems Group (BSG). Sally Beauty Supply is a domestic and international chain of cash and carry retail stores, which offers professional beauty supplies to both salon professionals and retail customers primarily in North America, Puerto Rico, and parts of Europe and South America.
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