IWG (LON:IWG) to Buyback $50.00 million in Outstanding Shares

IWG (LON:IWG) announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 30th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

IWG Stock Performance

Shares of LON:IWG traded up GBX 2.53 during trading on Tuesday, hitting GBX 186.03. 3,712,152 shares of the company were exchanged, compared to its average volume of 13,659,898. The company has a market cap of £1.77 billion, a PE ratio of 103.35, a P/E/G ratio of -5.59 and a beta of 1.58. The stock has a 50 day moving average of GBX 185.79 and a 200 day moving average of GBX 205.06. IWG has a 52-week low of GBX 163.50 and a 52-week high of GBX 250.60. The company has a debt-to-equity ratio of -2,429.18, a current ratio of 0.38 and a quick ratio of 0.45.

Wall Street Analysts Forecast Growth

IWG has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 275 price target on shares of IWG in a research note on Wednesday, May 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 265 price objective on shares of IWG in a report on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of GBX 253.80.

IWG Company Profile

IWG plc, together with its subsidiaries, provides workspace solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers office, coworking and collaboration, flexible and scalable, meeting, and lounges spaces; workplace recovery; memberships workspaces; and reception services and conference products. It provides its services franchise partners, landlords, and property owners under the Regus, Spaces, HQ, Signature, Basepoint, Stop & Work, The Office Operators, BizDojo, Open Office, No18, The Clubhouse, Central Working, and Copernico brands.