Bellway (LON:BWY) to Repurchase 0 Stock

Bellway (LON:BWY) declared that its Board of Directors has approved a share buyback program on Tuesday, September 1st, RTT News reports. The company plans to buyback 0 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BWY shares. Citigroup raised their target price on shares of Bellway from GBX 2,300 to GBX 2,500 and gave the company a “buy” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. cut shares of Bellway to an “overweight” rating and lowered their price target for the stock from GBX 3,480 to GBX 2,410 in a report on Tuesday, June 16th. Jefferies Financial Group lowered their price target on shares of Bellway from GBX 2,394 to GBX 2,380 and set a “buy” rating for the company in a report on Wednesday, August 12th. Berenberg Bank reissued a “buy” rating and issued a GBX 2,400 price objective on shares of Bellway in a research report on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 2,917 price objective on shares of Bellway in a report on Wednesday, August 12th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Bellway has an average rating of “Moderate Buy” and a consensus price target of GBX 2,522.33.

Bellway Stock Down 0.1%

Shares of LON:BWY opened at GBX 2,087 on Friday. The company has a market capitalization of £2.35 billion, a PE ratio of 15.86, a P/E/G 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 firm has a 50 day simple moving average of GBX 2,035.66 and a 200-day simple moving average of GBX 2,059.20.

Bellway Company Profile

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.