Stock Buyback Plan Initiated by DuPont de Nemours (NYSE:DD)

DuPont de Nemours (NYSE:DD) declared that its Board of Directors has approved a share repurchase program on Thursday, November 6th, RTT News reports. The company plans to buyback $2.00 billion in shares. This buyback authorization allows the basic materials company to buy up to 12.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DD. Zacks Research cut DuPont de Nemours from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Wells Fargo & Company increased their price objective on DuPont de Nemours from $81.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Wolfe Research cut their price objective on DuPont de Nemours from $89.00 to $87.00 and set an “outperform” rating for the company in a report on Friday, October 24th. Mizuho boosted their target price on shares of DuPont de Nemours from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Finally, BMO Capital Markets dropped their target price on shares of DuPont de Nemours from $104.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.08.

DuPont de Nemours Price Performance

Shares of DD stock opened at $39.06 on Friday. The firm has a market cap of $16.36 billion, a price-to-earnings ratio of -83.11, a PEG ratio of 2.49 and a beta of 1.11. DuPont de Nemours has a 12 month low of $22.50 and a 12 month high of $40.11. The company has a quick ratio of 0.94, a current ratio of 1.41 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average price of $75.06 and a 200 day moving average price of $72.01.

DuPont de Nemours (NYSE:DD) last issued its earnings results on Monday, July 11th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter. DuPont de Nemours had a negative net margin of 1.54% and a positive return on equity of 7.85%. The company had revenue of $3.02 billion for the quarter. Research analysts expect that DuPont de Nemours will post 4.38 EPS for the current year.

DuPont de Nemours Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 28th. DuPont de Nemours’s payout ratio is currently -348.94%.

Insider Buying and Selling

In other DuPont de Nemours news, SVP Steven P. Larrabee sold 43,208 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $77.17, for a total transaction of $3,334,361.36. Following the completion of the sale, the senior vice president owned 38,585 shares in the company, valued at approximately $2,977,604.45. The trade was a 52.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 74,208 shares of company stock worth $5,714,861. 0.61% of the stock is currently owned by insiders.

DuPont de Nemours Company Profile

DuPont de Nemours, Inc provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through Electronics & Industrial, Water & Protection, and Corporate & Other segments. The Electronics & Industrial segment supplies materials and solutions for the fabrication of semiconductors and integrated circuits.