IWG (LON:IWG) to Buyback $100.00 million in Stock

IWG (LON:IWG) announced that its board has initiated a stock repurchase program on Tuesday, March 3rd, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on IWG shares. Peel Hunt restated a “hold” rating and set a GBX 199 target price on shares of IWG in a research report on Tuesday, November 4th. Berenberg Bank reiterated a “buy” rating and set a GBX 270 price target on shares of IWG in a research report on Tuesday, November 4th. Finally, Jefferies Financial Group boosted their price objective on IWG from GBX 245 to GBX 265 and gave the company a “buy” rating in a research report on Monday, November 24th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of GBX 248.50.

IWG Price Performance

LON:IWG traded down GBX 10.41 during trading hours on Tuesday, hitting GBX 203.40. 84,677,672 shares of the stock were exchanged, compared to its average volume of 11,744,610. The firm’s fifty day moving average price is GBX 232.98 and its 200 day moving average price is GBX 223.66. IWG has a 52-week low of GBX 146 and a 52-week high of GBX 250.60. The company has a market cap of £2.02 billion, a P/E ratio of 92.45, a P/E/G ratio of -5.59 and a beta of 1.62. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of -3,635.81.

About IWG

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.