DuPont de Nemours (NYSE:DD) to Repurchase $2.00 billion in Shares

DuPont de Nemours (NYSE:DD) announced that its board has authorized a stock 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 repurchase up to 12.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

DuPont de Nemours Stock Performance

NYSE DD opened at $39.74 on Friday. The company has a market capitalization of $16.64 billion, a price-to-earnings ratio of -84.55, a PEG ratio of 2.49 and a beta of 1.11. The company has a quick ratio of 0.94, a current ratio of 1.41 and a debt-to-equity ratio of 0.23. DuPont de Nemours has a twelve month low of $22.50 and a twelve month high of $40.11. The stock has a fifty day simple moving average of $74.31 and a 200 day simple moving average of $71.94.

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

DuPont de Nemours Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be given a $0.20 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. DuPont de Nemours’s payout ratio is -348.94%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on DuPont de Nemours from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Citigroup raised their price objective on DuPont de Nemours from $38.90 to $47.00 and gave the company a “buy” rating in a research note on Friday. Wolfe Research lowered their target price on DuPont de Nemours from $87.00 to $39.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. KeyCorp reduced their price target on shares of DuPont de Nemours from $93.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Zacks Research lowered shares of DuPont de Nemours from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.92.

Insider Activity at DuPont de Nemours

In other 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 value of $3,334,361.36. Following the sale, the senior vice president directly owned 38,585 shares of the company’s stock, valued at approximately $2,977,604.45. This represents a 52.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 74,208 shares of company stock valued at $5,714,861. Corporate insiders own 0.61% of the company’s stock.

About DuPont de Nemours

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.