ACCO Brands (NYSE:ACCO) declared that its board has authorized a share repurchase plan, which permits the company to buyback $100.00 million in outstanding shares on Wednesday, February 14th, EventVestor reports. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
A number of brokerages have issued reports on ACCO. Zacks Investment Research downgraded shares of ACCO Brands from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. SunTrust Banks reiterated a “hold” rating and issued a $13.00 price target on shares of ACCO Brands in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $15.00.
Shares of ACCO Brands (NYSE ACCO) traded up $1.85 during midday trading on Wednesday, reaching $13.00. 518,977 shares of the company’s stock were exchanged, compared to its average volume of 475,441. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.09 and a current ratio of 1.70. The company has a market cap of $1,188.04, a P/E ratio of 22.41, a P/E/G ratio of 0.89 and a beta of 1.34. ACCO Brands has a one year low of $10.35 and a one year high of $14.75.
About ACCO Brands
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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