Grafton Group (LON:GFTU) to Buyback 0 Outstanding Shares

Grafton Group (LON:GFTU) announced that its board has authorized a share repurchase plan on Tuesday, June 30th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a GBX 1,275 price target on shares of Grafton Group in a report on Monday, May 18th. Berenberg Bank decreased their price objective on shares of Grafton Group from GBX 1,100 to GBX 1,000 and set a “buy” rating on the stock in a report on Monday, May 18th. Stifel Nicolaus reissued a “buy” rating and issued a GBX 1,175 price objective on shares of Grafton Group in a research report on Thursday, March 19th. Finally, Citigroup cut their target price on shares of Grafton Group from £115 to £110 and set a “buy” rating for the company in a research note on Friday, June 19th. Six research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of GBX 2,795.

Grafton Group Stock Performance

Shares of Grafton Group stock traded up GBX 7.14 on Tuesday, hitting GBX 907.14. The stock had a trading volume of 4,995,946 shares, compared to its average volume of 6,662,056. The stock has a market cap of £2.10 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 1.58 and a beta of 1.08. The company has a quick ratio of 1.56, a current ratio of 2.11 and a debt-to-equity ratio of 37.55. Grafton Group has a twelve month low of GBX 788.60 and a twelve month high of GBX 1,028.20. The business’s 50 day moving average is GBX 863.15 and its two-hundred day moving average is GBX 910.12.

Insider Transactions at Grafton Group

In other news, insider Eric Born purchased 1,182 shares of Grafton Group stock in a transaction that occurred on Wednesday, April 8th. The stock was acquired at an average cost of GBX 915 per share, for a total transaction of £10,815.30. 9.33% of the stock is owned by company insiders.

About Grafton Group

Grafton Group plc engages in the distribution, retailing, and manufacturing businesses in Ireland, the Netherlands, Finland, and the United Kingdom. Its Distribution segment distributes building materials, paint, tools, ironmongery, fixings, and accessories, workwear and PPE, and spare parts; materials and plant for mechanical services, heating, plumbing, and air movement; and trade, DIY, and self-build markets with building materials, timber, doors and floors, plumbing and heating, bathrooms, and landscaping products under the Selco, Leyland SDM, Chadwicks, MacBlair, Isero, Polvo, Gunters en Meuser, TG Lynes, and IKH brands.