Alloycorp Mining (AVT) Announces Share Repurchase Program

Alloycorp Mining (NYSE:AVT) declared that its Board of Directors has authorized a stock repurchase plan, which authorizes the company to buyback $200.00 million in outstanding shares on Friday, November 10th, EventVestor reports. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Shares of Alloycorp Mining (AVT) opened at C$39.56 on Friday. Alloycorp Mining has a 52 week low of C$35.67 and a 52 week high of C$51.50.

Alloycorp Mining (NYSE:AVT) last released its earnings results on Thursday, October 26th. The company reported C$0.76 EPS for the quarter, topping the Zacks’ consensus estimate of C$0.71 by C$0.05. Alloycorp Mining had a return on equity of 4.48% and a net margin of 1.25%. The company had revenue of C$4.66 billion for the quarter, compared to analysts’ expectations of C$4.34 billion. During the same period in the previous year, the business posted $0.91 EPS. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.82%.

Several equities analysts have weighed in on AVT shares. BidaskClub upgraded Alloycorp Mining from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research upgraded Alloycorp Mining from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, October 10th. Citigroup Inc. lifted their target price on Alloycorp Mining from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Cross Research upgraded Alloycorp Mining from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $39.00 target price (down from $40.00) on shares of Alloycorp Mining in a research note on Thursday, August 10th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of C$40.29.

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In related news, Director J Veronica Biggins sold 10,600 shares of Alloycorp Mining stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of C$37.10, for a total value of C$393,260.00. Following the completion of the sale, the director now owns 12,191 shares of the company’s stock, valued at approximately C$452,286.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

About Alloycorp Mining

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

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