JetBlue Airways (NASDAQ:JBLU) to Buyback $750.00 million in Stock

JetBlue Airways (NASDAQ:JBLU) declared that its board has authorized a stock repurchase plan, which allows the company to buyback $750.00 million in outstanding shares on Wednesday, December 13th, EventVestor reports. This buyback authorization allows the transportation company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Shares of JetBlue Airways (JBLU) traded up $0.75 during mid-day trading on Thursday, reaching $22.34. The company’s stock had a trading volume of 6,434,196 shares, compared to its average volume of 5,175,580. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.56 and a current ratio of 0.56. JetBlue Airways has a 12 month low of $18.05 and a 12 month high of $24.13. The firm has a market cap of $7,110.00, a price-to-earnings ratio of 11.40 and a beta of 0.68.

JetBlue Airways (NASDAQ:JBLU) last issued its earnings results on Tuesday, October 24th. The transportation company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.81 billion. JetBlue Airways had a return on equity of 15.95% and a net margin of 9.38%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 EPS. sell-side analysts forecast that JetBlue Airways will post 1.76 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the company. Cowen reissued a “market perform” rating and set a $24.00 price target (up from $22.00) on shares of JetBlue Airways in a research report on Tuesday, December 12th. ValuEngine raised JetBlue Airways from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Imperial Capital reissued a “buy” rating and set a $31.00 price target on shares of JetBlue Airways in a research report on Tuesday, October 17th. Morgan Stanley reissued an “equal weight” rating and set a $20.00 price target (down from $21.00) on shares of JetBlue Airways in a research report on Wednesday, October 4th. Finally, JPMorgan Chase & Co. lowered JetBlue Airways from an “overweight” rating to a “neutral” rating and set a $22.00 price target on the stock. in a research report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $24.09.

In other news, EVP George Martin J. St sold 2,500 shares of the company’s stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $21.59, for a total transaction of $53,975.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robin Hayes sold 2,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $21.38, for a total value of $42,760.00. Following the sale, the chief executive officer now owns 398,535 shares of the company’s stock, valued at approximately $8,520,678.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,665 shares of company stock valued at $343,388. 0.60% of the stock is currently owned by corporate insiders.

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JetBlue Airways Company Profile

JetBlue Airways Corporation is a passenger carrier company. The Company provides air transportation services across the United States, the Caribbean and Latin America. Its segments include Domestic, and Caribbean & Latin America. It operates various kinds of aircrafts, including Airbus A321, Airbus A320 and Embraer E190.

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