Allison Transmission Holdings (ALSN) to Buyback $100.00 million in Outstanding Shares
Allison Transmission Holdings (NYSE:ALSN) declared that its board has approved a share buyback plan, which authorizes the company to repurchase $100.00 million in outstanding shares on Monday, August 5th, EventVestor reports. This repurchase authorization authorizes the auto parts company to purchase up to 2.4% of its shares through a private placement purchase. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Shares of Allison Transmission Holdings (NYSE:ALSN) traded down 0.51% on Friday, reaching $36.85. 216,089 shares of the company’s stock traded hands. The company has a 50 day moving average of $37.71 and a 200-day moving average of $37.00. Allison Transmission Holdings has a 52 week low of $26.74 and a 52 week high of $40.25. The stock has a market capitalization of $5.48 billion, a PE ratio of 20.93 and a beta of 1.18.
Allison Transmission Holdings (NYSE:ALSN) last released its quarterly earnings results on Monday, July 31st. The auto parts company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.47 by $0.16. The business had revenue of $580 million during the quarter, compared to analyst estimates of $515.03 million. Allison Transmission Holdings had a net margin of 14.32% and a return on equity of 31.27%. The company’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. Equities research analysts forecast that Allison Transmission Holdings will post $2.11 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Monday, August 21st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $0.60 annualized dividend and a dividend yield of 1.62%. Allison Transmission Holdings’s dividend payout ratio is currently 33.71%.
ALSN has been the topic of a number of recent analyst reports. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Allison Transmission Holdings in a research report on Friday, July 7th. BidaskClub raised shares of Allison Transmission Holdings from a “hold” rating to a “buy” rating in a research report on Wednesday, June 28th. Stifel Nicolaus reissued a “hold” rating and set a $41.00 price objective (up from $40.00) on shares of Allison Transmission Holdings in a research report on Friday, July 28th. Finally, Deutsche Bank AG raised their price objective on shares of Allison Transmission Holdings from $43.00 to $44.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Allison Transmission Holdings currently has an average rating of “Buy” and an average target price of $40.56.
In other news, CFO David S. Graziosi sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $38.19, for a total transaction of $1,909,500.00. Following the completion of the transaction, the chief financial officer now owns 244,123 shares in the company, valued at $9,323,057.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David S. Graziosi sold 10,736 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $39.91, for a total transaction of $428,473.76. Following the transaction, the chief financial officer now owns 204,859 shares of the company’s stock, valued at approximately $8,175,922.69. The disclosure for this sale can be found here. Insiders have sold 132,584 shares of company stock valued at $5,126,514 in the last 90 days. Insiders own 7.90% of the company’s stock.
Allison Transmission Holdings Company Profile
Allison Transmission Holdings, Inc and its subsidiaries design and manufacture commercial and defense fully-automatic transmissions. The Company manufactures fully-automatic transmissions for medium- and heavy-duty commercial vehicles, and medium-and heavy-tactical United States defense vehicles. The Company’s transmissions are used in a range of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and hybrid-transit), motorhomes, off-highway vehicles and equipment (energy, mining and construction) and defense vehicles (wheeled and tracked).
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