Stock Repurchase Program Approved by Bellway (LON:BWY) Board

Bellway (LON:BWY) announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 1st, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut shares of Bellway to an “overweight” rating and decreased their target price for the stock from GBX 3,480 to GBX 2,410 in a research report on Tuesday, June 16th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 2,400 price target on shares of Bellway in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 2,917 price objective on shares of Bellway in a research report on Wednesday, August 12th. Jefferies Financial Group decreased their price objective on Bellway from GBX 2,394 to GBX 2,380 and set a “buy” rating for the company in a report on Wednesday, August 12th. Finally, Citigroup raised their target price on Bellway from GBX 2,300 to GBX 2,500 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of GBX 2,522.33.

Bellway Stock Down 1.6%

BWY stock traded down GBX 34 during mid-day trading on Tuesday, hitting GBX 2,126. The stock had a trading volume of 444,079 shares, compared to its average volume of 4,408,076. Bellway has a 1-year low of GBX 1,715 and a 1-year high of GBX 2,890. The company has a fifty day moving average of GBX 2,031.34 and a 200 day moving average of GBX 2,069.63. The company has a current ratio of 5.26, a quick ratio of 0.50 and a debt-to-equity ratio of 5.39. The stock has a market capitalization of £2.39 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 3.40 and a beta of 1.36.

Bellway Company Profile

Bellway p.l.c., together with its subsidiaries, engages in the home building business in the United Kingdom. The company builds and sells homes ranging from one-bedroom apartments to six-bedroom family homes, as well as provides homes to housing associations for social housing. It offers homes under Bellway, Ashberry, and Bellway London brands. The company was founded in 1946 and is headquartered in Newcastle upon Tyne, the United Kingdom.