Bellway (LON:BWY) to Repurchase 0 Stock

Bellway (LON:BWY) announced that its Board of Directors has approved a stock repurchase plan on Tuesday, September 1st, RTT News reports. The company plans to buyback 0 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Bellway Price Performance

Bellway stock traded down GBX 34 during trading hours on Tuesday, reaching GBX 2,126. 444,079 shares of the stock were exchanged, compared to its average volume of 4,408,076. The company has a market cap of £2.39 billion, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 3.40 and a beta of 1.36. The company has a current ratio of 5.26, a quick ratio of 0.50 and a debt-to-equity ratio of 5.39. Bellway has a twelve month low of GBX 1,715 and a twelve month high of GBX 2,890. The stock has a 50 day moving average of GBX 2,031.34 and a two-hundred day moving average of GBX 2,069.63.

Wall Street Analysts Forecast Growth

BWY has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a GBX 2,917 price target on shares of Bellway in a research note on Wednesday, August 12th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 2,400 price objective on shares of Bellway in a research note on Friday, June 26th. Citigroup upped their price objective on Bellway from GBX 2,300 to GBX 2,500 and gave the company a “buy” rating in a report on Wednesday, August 12th. Jefferies Financial Group reduced their target price on Bellway from GBX 2,394 to GBX 2,380 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. cut Bellway to an “overweight” rating and reduced their target price for the stock from GBX 3,480 to GBX 2,410 in a report on Tuesday, June 16th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of GBX 2,522.33.

About Bellway

Bellway p.l.c., together with its subsidiaries, engages in the home building business in the United Kingdom. The company builds and sells homes ranging from one-bedroom apartments to six-bedroom family homes, as well as provides homes to housing associations for social housing. It offers homes under Bellway, Ashberry, and Bellway London brands. The company was founded in 1946 and is headquartered in Newcastle upon Tyne, the United Kingdom.