Stock Buyback Program Initiated by DuPont de Nemours (NYSE:DD) Board

DuPont de Nemours (NYSE:DD) announced that its board has initiated a share repurchase plan on Thursday, November 6th, RTT News reports. The company plans to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DD shares. BMO Capital Markets reduced their price target on shares of DuPont de Nemours from $104.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday. Citigroup boosted their price target on shares of DuPont de Nemours from $85.00 to $93.00 in a research note on Friday, September 19th. JPMorgan Chase & Co. upped their target price on shares of DuPont de Nemours from $99.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of DuPont de Nemours in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their target price on shares of DuPont de Nemours from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.08.

DuPont de Nemours Stock Down 1.4%

NYSE DD traded down $0.57 on Thursday, hitting $39.06. 11,075,151 shares of the stock were exchanged, compared to its average volume of 7,253,218. 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 fifty-two week low of $22.50 and a fifty-two week high of $40.11. The company has a market cap of $16.36 billion, a PE ratio of -83.11, a PEG ratio of 2.49 and a beta of 1.11. The company has a 50-day moving average price of $75.06 and a 200-day moving average price of $72.01.

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

DuPont de Nemours Cuts Dividend

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

Insider Buying and Selling

In other DuPont de Nemours news, SVP Steven P. Larrabee sold 43,208 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $77.17, for a total transaction of $3,334,361.36. Following the completion of the transaction, the senior vice president owned 38,585 shares in the company, valued at $2,977,604.45. The trade was a 52.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 74,208 shares of company stock worth $5,714,861. 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.