Newell Brands (NWL) to Buyback $1.00 billion in Outstanding Stock
Newell Brands (NYSE:NWL) announced that its Board of Directors has initiated a share repurchase plan, which authorizes the company to buyback $1.00 billion in outstanding shares on Thursday, November 2nd, EventVestor reports. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
Newell Brands (NYSE:NWL) last issued its earnings results on Thursday, November 2nd. The company reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.06). The firm had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.71 billion. Newell Brands had a net margin of 7.87% and a return on equity of 11.47%. Newell Brands’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS.
A number of analysts have recently issued reports on NWL shares. Jefferies Group LLC reaffirmed a “hold” rating and set a $47.00 price target on shares of Newell Brands in a report on Thursday, October 19th. BMO Capital Markets set a $51.00 price target on shares of Newell Brands and gave the company a “hold” rating in a report on Saturday, August 5th. J P Morgan Chase & Co set a $61.00 price target on shares of Newell Brands and gave the company a “buy” rating in a report on Monday, August 7th. Forward View reaffirmed a “buy” rating and set a $58.00 price target on shares of Newell Brands in a report on Monday, September 11th. Finally, BidaskClub downgraded shares of Newell Brands from a “sell” rating to a “strong sell” rating in a report on Thursday, August 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $54.46.
In other news, Director Scott S. Cowen bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were purchased at an average price of $43.60 per share, for a total transaction of $87,200.00. Following the completion of the transaction, the director now directly owns 87,883 shares in the company, valued at $3,831,698.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael B. Polk bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was purchased at an average price of $43.61 per share, for a total transaction of $218,050.00. Following the transaction, the chief executive officer now owns 609,296 shares of the company’s stock, valued at $26,571,398.56. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 7,100 shares of company stock worth $309,715. 0.97% of the stock is owned by insiders.
Newell Brands Company Profile
Newell Brands Inc is a marketer of consumer and commercial products. The Company’s segments include Writing, Home Solutions, Commercial Products, Baby & Parenting, Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. Its products are marketed under a portfolio of brands, including Paper Mate, Sharpie, Dymo, Expo, Parker, Elmer’s, Coleman, Jostens, Marmot, Rawlings, Mr.
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