L.B. Foster (NASDAQ:FSTR – Get Free Report) announced that its Board of Directors has approved a share repurchase program on Tuesday, March 4th, RTT News reports. The company plans to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 16.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
L.B. Foster Stock Down 2.8 %
L.B. Foster stock opened at $21.61 on Friday. The company has a market cap of $234.04 million, a P/E ratio of 5.56 and a beta of 0.97. L.B. Foster has a 1-year low of $14.23 and a 1-year high of $30.77. The company has a fifty day simple moving average of $27.10 and a 200 day simple moving average of $24.02. The company has a current ratio of 2.27, a quick ratio of 1.30 and a debt-to-equity ratio of 0.37.
Analysts Set New Price Targets
A number of research analysts recently weighed in on FSTR shares. B. Riley raised their target price on shares of L.B. Foster from $21.00 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. StockNews.com downgraded shares of L.B. Foster from a “strong-buy” rating to a “buy” rating in a research report on Thursday.
L.B. Foster Company Profile
L.B. Foster Company provides engineered and manufactured products and services for the building and infrastructure projects in the United States, Canada, the United Kingdom, and internationally. It operates through two segments: Rail, Technologies, and Services; and Infrastructure Solutions. The Rail, Technologies, and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors, as well as used rails; rail accessories, such as rack spikes, bolts, angle bars, tie plates, and other products; insulated rail joints and related accessories; fixation fasteners, coverboards, and special accessories; and trackwork products.
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