Select Comfort Corporation (SCSS) to Repurchase $500.00 million in Outstanding Stock

Select Comfort Corporation (NASDAQ:SCSS) announced that its board has approved a share buyback plan, which allows the company to buyback $500.00 million in outstanding shares on Tuesday, October 17th, EventVestor reports. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Select Comfort Corporation (NASDAQ SCSS) traded down 0.24% during trading on Friday, hitting $33.92. 155,020 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $30.80 and its 200 day moving average price is $30.97. The stock has a market cap of $1.35 billion, a P/E ratio of 24.19 and a beta of 0.65. Select Comfort Corporation has a 12-month low of $18.44 and a 12-month high of $36.74.

Select Comfort Corporation (NASDAQ:SCSS) last posted its quarterly earnings results on Tuesday, October 17th. The company reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.06). Select Comfort Corporation had a net margin of 4.34% and a return on equity of 51.12%. The business had revenue of $402.64 million during the quarter, compared to analyst estimates of $413.89 million. During the same period last year, the firm posted $0.56 earnings per share. The company’s quarterly revenue was up 9.1% on a year-over-year basis. Analysts anticipate that Select Comfort Corporation will post $1.37 earnings per share for the current fiscal year.

SCSS has been the topic of several research analyst reports. Zacks Investment Research cut Select Comfort Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Stifel Nicolaus restated a “buy” rating and set a $36.00 target price (up from $32.00) on shares of Select Comfort Corporation in a report on Tuesday, July 18th. Bank of America Corporation upgraded Select Comfort Corporation from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $21.50 to $35.00 in a report on Wednesday, July 19th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $38.00 price target on shares of Select Comfort Corporation in a research report on Wednesday, July 19th. Finally, UBS AG reissued a “sell” rating and issued a $17.00 target price (up previously from $16.00) on shares of Select Comfort Corporation in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $30.67.

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In other Select Comfort Corporation news, SVP Mark A. Kimball sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $34.06, for a total transaction of $272,480.00. Following the completion of the transaction, the senior vice president now directly owns 72,186 shares of the company’s stock, valued at approximately $2,458,655.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael A. Peel sold 3,000 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $33.80, for a total transaction of $101,400.00. Following the transaction, the director now directly owns 80,412 shares of the company’s stock, valued at $2,717,925.60. The disclosure for this sale can be found here. Insiders sold a total of 32,100 shares of company stock valued at $1,039,964 over the last ninety days. Company insiders own 4.00% of the company’s stock.

Select Comfort Corporation Company Profile

Select Comfort Corporation is a designer, manufacturer, marketer, retailer and servicer of a line of Sleep Number beds. The Company offers consumers individualized sleep solutions and services, which include a complete line of Sleep Number beds, bases and bedding accessories. Its Sleep Number bed offers SleepIQ technology sensors that work directly with the bed’s DualAir technology to track each individual’s sleep.

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