Stock Repurchase Plan Announced by Broadwind Energy (NASDAQ:BWEN) Board of Directors

Broadwind Energy (NASDAQ:BWEN) declared that its Board of Directors has approved a stock buyback program on Wednesday, September 10th, RTT News reports. The company plans to buyback $3.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Broadwind Energy Stock Performance

Shares of NASDAQ:BWEN opened at $2.17 on Thursday. The company’s 50 day simple moving average is $2.27 and its 200 day simple moving average is $1.86. The stock has a market capitalization of $50.00 million, a price-to-earnings ratio of -21.70 and a beta of 1.56. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.53 and a quick ratio of 0.52. Broadwind Energy has a 1 year low of $1.41 and a 1 year high of $3.03.

Broadwind Energy (NASDAQ:BWEN) last announced its quarterly earnings data on Tuesday, August 12th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06). The firm had revenue of $39.24 million during the quarter, compared to the consensus estimate of $37.65 million. Broadwind Energy had a negative net margin of 1.52% and a negative return on equity of 3.71%. As a group, research analysts predict that Broadwind Energy will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BWEN. Wall Street Zen cut shares of Broadwind Energy from a “hold” rating to a “sell” rating in a report on Monday, May 19th. Zacks Research raised shares of Broadwind Energy to a “hold” rating in a report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.50.

About Broadwind Energy

Broadwind, Inc manufactures and sells structures, equipment, and components for clean tech and other specialized applications primarily in the United States. It operates through three segments: Heavy Fabrications, Gearing, and Industrial Solutions. The Heavy Fabrications segment provides fabrications to various industrial markets.