SSP Group (LON:SSPG) Approves Share Repurchase Program

SSP Group (LON:SSPG) announced that its Board of Directors has approved a share buyback program on Thursday, October 9th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SSPG. UBS Group downgraded SSP Group to a “sell” rating and set a GBX 170 price target for the company. in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft cut their price target on SSP Group from GBX 285 to GBX 262 and set a “buy” rating for the company in a research note on Thursday, September 25th. Citigroup raised their price target on SSP Group from GBX 320 to GBX 330 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Berenberg Bank raised SSP Group to a “buy” rating and raised their price target for the stock from GBX 180 to GBX 190 in a research note on Thursday, September 11th. Finally, JPMorgan Chase & Co. cut their price objective on SSP Group from GBX 200 to GBX 190 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, SSP Group has a consensus rating of “Moderate Buy” and a consensus target price of GBX 236.17.

SSP Group Stock Performance

Shares of LON SSPG opened at GBX 160.10 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.44 and a debt-to-equity ratio of 852.29. The business’s 50 day moving average is GBX 160.81 and its two-hundred day moving average is GBX 161.71. The company has a market cap of £1.28 billion, a P/E ratio of -5,336.67, a P/E/G ratio of -0.77 and a beta of 1.88. SSP Group has a 12 month low of GBX 134.10 and a 12 month high of GBX 196.30.

Insider Buying and Selling

In other SSP Group news, insider Patrick Coveney sold 69,007 shares of SSP Group stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of GBX 173, for a total value of £119,382.11. 1.00% of the stock is currently owned by corporate insiders.

About SSP Group

SSP is a leading operator of food and beverage outlets in travel locations worldwide, with c.37,000 colleagues in over 600 locations across 36 countries. We operate sit-down and quick service restaurants, cafes, lounges and food-led convenience stores, principally in airports and train stations, with a portfolio of more than 550 international, national and local brands.