Stock Repurchase Plan Authorized by Galliford Try (LON:GFRD) Board of Directors

Key Points

• Galliford Try's board has approved a share repurchase program, but plans to buy back 0 outstanding shares, indicating either a lack of available shares or a decision not to proceed with a buyback.
• Berenberg Bank has raised its price target for Galliford Try from GBX 510 to GBX 530 and issued a "buy" rating, reflecting a positive outlook for the company's stock.
• Galliford Try's stock increased by 11.1%, with shares trading at GBX 479.50 after a significant rise in trading volume, surpassing its average daily turnover.

Galliford Try (LON:GFRD - Get Free Report) announced that its board has initiated a share repurchase plan on Wednesday, September 17th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts recently weighed in on GFRD shares. Peel Hunt reiterated a "buy" rating and issued a GBX 525 price objective on shares of Galliford Try in a research report on Thursday. Berenberg Bank increased their price objective on Galliford Try from GBX 510 to GBX 530 and gave the stock a "buy" rating in a research report on Wednesday. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of GBX 527.50.

Galliford Try Stock Up 3.4%

LON:GFRD traded up GBX 16.50 during trading hours on Friday, hitting GBX 499. The company's stock had a trading volume of 413,492 shares, compared to its average volume of 204,963. The stock has a market capitalization of £490.89 million, a P/E ratio of 1,292.75, a price-to-earnings-growth ratio of 0.90 and a beta of 1.12. The stock has a fifty day moving average of GBX 437.79 and a 200-day moving average of GBX 405.96. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 43.30. Galliford Try has a 52-week low of GBX 276 and a 52-week high of GBX 504.

Galliford Try (LON:GFRD - Get Free Report) last released its quarterly earnings results on Wednesday, September 17th. The company reported GBX 34.40 EPS for the quarter. Galliford Try had a return on equity of 32.22% and a net margin of 2.04%. On average, equities analysts forecast that Galliford Try will post 25.1560178 earnings per share for the current year.

About Galliford Try

Galliford Try is one of the UK's leading construction groups, working to improve the UK's built environment, delivering positive, lasting change for the communities we work in on behalf of our clients. Our business operates mainly under the Galliford Try and Morrison Construction brands, focusing on areas where we have core and proven strengths, namely in Building, Highways and Environment.