Huntsman (HUN) to Buyback $400.00 million in Shares

Huntsman (NYSE:HUN) announced that its board has initiated a stock repurchase program, which authorizes the company to buyback $400.00 million in outstanding shares on Friday, February 23rd, EventVestor reports. This buyback authorization authorizes the basic materials company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Several research firms have recently issued reports on HUN. ValuEngine lowered Huntsman from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. Alembic Global Advisors reissued a “buy” rating on shares of Huntsman in a report on Monday, November 6th. Goldman Sachs Group reissued a “hold” rating and set a $36.00 target price on shares of Huntsman in a report on Monday, December 4th. JPMorgan Chase & Co. began coverage on Huntsman in a report on Wednesday, December 13th. They set an “overweight” rating and a $36.00 target price on the stock. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Huntsman in a research note on Friday, October 27th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $34.67.

Huntsman (NYSE:HUN) traded up $0.35 during trading hours on Friday, reaching $33.67. The company had a trading volume of 2,194,584 shares, compared to its average volume of 2,753,831. The firm has a market capitalization of $8,061.87, a price-to-earnings ratio of 14.05, a PEG ratio of 1.52 and a beta of 2.76. The company has a quick ratio of 1.52, a current ratio of 1.87 and a debt-to-equity ratio of 1.10. Huntsman has a fifty-two week low of $21.44 and a fifty-two week high of $36.09.

Huntsman (NYSE:HUN) last released its quarterly earnings data on Friday, February 23rd. The basic materials company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.10. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.10 billion. Huntsman had a return on equity of 30.64% and a net margin of 5.37%. Huntsman’s revenue was up 15.7% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. sell-side analysts anticipate that Huntsman will post 2.77 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be paid a dividend of $0.1625 per share. This represents a $0.65 dividend on an annualized basis and a dividend yield of 1.93%. This is a positive change from Huntsman’s previous quarterly dividend of $0.13. Huntsman’s dividend payout ratio (DPR) is presently 23.47%.

In other news, CEO Anthony P. Hankins sold 100,000 shares of Huntsman stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $33.24, for a total transaction of $3,324,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Corp Huntsman sold 1,948,955 shares of Huntsman stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $21.66, for a total value of $42,214,365.30. The disclosure for this sale can be found here. Insiders have sold 24,154,548 shares of company stock worth $527,750,108 over the last three months. Insiders own 19.00% of the company’s stock.

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About Huntsman

Huntsman Corporation is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company operates all of its businesses through its subsidiary, Huntsman International LLC (Huntsman International). The Company operates through five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives.

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