Galliford Try (LON:GFRD) to Buyback 0 Outstanding Stock

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 approved a share repurchase program on Wednesday, September 17th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank boosted their price target on shares of Galliford Try from GBX 510 to GBX 530 and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of GBX 530.

Galliford Try Stock Up 11.1%

Shares of GFRD traded up GBX 48 during mid-day trading on Wednesday, hitting GBX 479.50. The company's stock had a trading volume of 825,042 shares, compared to its average volume of 200,587. The company's 50-day moving average is GBX 436.12 and its 200-day moving average is GBX 403.85. Galliford Try has a 52-week low of GBX 264 and a 52-week high of GBX 487.50. The firm has a market capitalization of £471.71 million, a price-to-earnings ratio of 1,242.23, a PEG ratio of 0.90 and a beta of 1.12. 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 (LON:GFRD - Get Free Report) last issued its earnings results on Wednesday, September 17th. The company reported GBX 34.40 earnings per share (EPS) for the quarter. Galliford Try had a net margin of 2.04% and a return on equity of 32.22%. On average, equities research analysts forecast that Galliford Try will post 25.1560178 EPS for the current fiscal 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.

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