StandardAero (NYSE:SARO) to Repurchase $450.00 million in Outstanding Shares

StandardAero (NYSE:SARO) declared that its Board of Directors has approved a stock buyback program on Wednesday, December 10th, RTT News reports. The company plans to buyback $450.00 million in shares. This buyback authorization allows the company to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of StandardAero in a report on Monday, November 24th. Truist Financial started coverage on shares of StandardAero in a research report on Friday, October 10th. They issued a “buy” rating and a $35.00 price objective on the stock. Weiss Ratings upgraded shares of StandardAero from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Wall Street Zen lowered shares of StandardAero from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Bank of America cut their price objective on shares of StandardAero from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, November 14th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.43.

StandardAero Stock Up 0.8%

Shares of SARO opened at $27.73 on Friday. StandardAero has a 12 month low of $21.31 and a 12 month high of $31.97. The firm’s 50 day moving average is $26.89 and its 200-day moving average is $28.00. The stock has a market capitalization of $9.27 billion, a PE ratio of 50.42 and a beta of 1.16. The company has a current ratio of 2.18, a quick ratio of 1.48 and a debt-to-equity ratio of 0.89.

StandardAero (NYSE:SARO) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.43 billion. StandardAero had a return on equity of 9.63% and a net margin of 3.15%.The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. Equities research analysts forecast that StandardAero will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other news, insider Alex Trapp sold 73,718 shares of the company’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $28.06, for a total transaction of $2,068,527.08. Following the completion of the sale, the insider directly owned 16,908 shares in the company, valued at approximately $474,438.48. This represents a 81.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 90,626 shares of company stock valued at $2,554,051. 1.90% of the stock is owned by insiders.

About StandardAero

StandardAero, Inc provides aerospace engine aftermarket services for fixed and rotary wing aircraft in the United States, Canada, the United Kingdom, Rest of Europe, Asia, and internationally. It operates in two segments, Engine Services and Component Repair Services. The Engine Services segment provides a suite of aftermarket services, including maintenance, repair and overhaul, on-wing and field service support, asset management, and engineering and related solutions to customers in the commercial aerospace, military and helicopter, and business aviation end markets.