Treehouse Foods (THS) to Repurchase $400.00 million in Shares
Treehouse Foods (NYSE:THS) announced that its Board of Directors has authorized a stock buyback program, which authorizes the company to repurchase $400.00 million in shares on Thursday, November 2nd, EventVestor reports. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Treehouse Foods (NYSE:THS) last released its earnings results on Wednesday, November 1st. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.11). Treehouse Foods had a positive return on equity of 6.54% and a negative net margin of 3.90%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year.
Several brokerages have recently weighed in on THS. Bank of America Corporation assumed coverage on Treehouse Foods in a research report on Tuesday, September 19th. They issued a “neutral” rating and a $68.00 target price for the company. Credit Suisse Group set a $68.00 price target on Treehouse Foods and gave the company a “neutral” rating in a report on Tuesday. BMO Capital Markets reissued a “buy” rating and issued a $85.00 price target on shares of Treehouse Foods in a report on Thursday. Stephens downgraded Treehouse Foods from an “overweight” rating to an “equal” rating in a report on Thursday. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $100.00 price target on shares of Treehouse Foods in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. Treehouse Foods presently has an average rating of “Hold” and a consensus target price of $79.15.
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In related news, CEO Sam K. Reed sold 11,480 shares of Treehouse Foods stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $67.58, for a total transaction of $775,818.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.50% of the stock is owned by company insiders.
Treehouse Foods Company Profile
TreeHouse Foods, Inc is a consumer packaged food and beverage manufacturer. The Company’s segments include North American Retail Grocery, Food Away From Home, and Industrial and Export. The Company manufactures a range of shelf stable, refrigerated, fresh and frozen products. Its product categories include beverages, salad dressings, snack nuts, beverage enhancers, pickles, sauces, cereals, pasta and dry dinners, cookies and crackers, retail bakery, aseptic products, jams and other products.
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