Stock Buyback Program Initiated by Acacia Research (ACTG) Board of Directors

Acacia Research (NASDAQ:ACTG) announced that its Board of Directors has initiated a share buyback program, which permits the company to buyback $20.00 million in outstanding shares on Tuesday, February 13th, EventVestor reports. This buyback authorization permits the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Acacia Research (ACTG) remained flat at $$3.60 on Wednesday. 143,500 shares of the company’s stock were exchanged, compared to its average volume of 241,650. The firm has a market capitalization of $182.18, a PE ratio of 1.52 and a beta of 1.10. Acacia Research has a 52 week low of $2.90 and a 52 week high of $6.30.

Acacia Research (NASDAQ:ACTG) last posted its quarterly earnings data on Tuesday, February 13th. The business services provider reported ($2.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($2.07). Acacia Research had a net margin of 145.12% and a return on equity of 50.75%. research analysts predict that Acacia Research will post -0.17 earnings per share for the current year.

A number of brokerages recently issued reports on ACTG. ValuEngine raised shares of Acacia Research from a “hold” rating to a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research downgraded shares of Acacia Research from a “hold” rating to a “sell” rating in a report on Wednesday, November 1st. TheStreet raised shares of Acacia Research from a “d” rating to a “c-” rating in a report on Thursday, October 26th. Finally, Barclays reaffirmed a “sell” rating and set a $5.00 price objective on shares of Acacia Research in a report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Acacia Research currently has a consensus rating of “Hold” and a consensus target price of $6.50.

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About Acacia Research

Acacia Research Corporation, through its subsidiaries, invests in, licenses and enforces patented technologies. The Company’s operating subsidiaries partner with inventors and patent owners, applying their legal and technology expertise to patent assets to unlock the financial value in their patented inventions.

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