Sylvania Platinum (LON:SLP) Board of Directors Approves Share Buyback Program

Key Points

• The Board approved a share buyback program authorizing open‑market repurchases, although the announcement unusually lists a repurchase amount of $0.00 (no specific monetary authorization was stated).
• SLP shares fell about 2.5% to GBX 84.27 on heavy volume; the company has a market cap of £219.21m, a P/E of 6.05 and PEG of 0.05, and Berenberg has raised its price target to GBX 130 while the consensus rating is Buy (avg. target GBX 130).
• Insider Johannes Jacobus Prinsloo sold 349,250 shares at an average price of GBX 126 for £440,055, and company insiders collectively own 4.80% of the stock.

Sylvania Platinum (LON:SLP - Get Free Report) announced that its Board of Directors has approved a stock repurchase program on Monday, March 23rd, RTT News reports. The company plans to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Sylvania Platinum Trading Down 2.5%

SLP stock traded down GBX 2.13 during trading on Monday, hitting GBX 84.27. The company had a trading volume of 3,954,308 shares, compared to its average volume of 2,022,477. Sylvania Platinum has a 52-week low of GBX 41.25 and a 52-week high of GBX 130. The company has a 50 day simple moving average of GBX 111.11 and a 200-day simple moving average of GBX 97.54. The firm has a market capitalization of £219.21 million, a P/E ratio of 6.05, a PEG ratio of 0.05 and a beta of 0.39. The company has a quick ratio of 15.92, a current ratio of 5.30 and a debt-to-equity ratio of 0.36.

Analyst Ratings Changes

Separately, Berenberg Bank boosted their price target on shares of Sylvania Platinum from GBX 127 to GBX 130 and gave the stock a "buy" rating in a research report on Tuesday, January 27th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of GBX 130.

Insider Activity at Sylvania Platinum

In other news, insider Johannes Jacobus Prinsloo sold 349,250 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of GBX 126, for a total transaction of £440,055. Company insiders own 4.80% of the company's stock.

Sylvania Platinum Company Profile

Sylvania Platinum is a rapidly expanding low-cost PGMs producer listed on the London Stock Exchange's Alternative Investment Market AIM: SLP. Sylvania is a mid-tier, lower unit cost Platinum Group Metal (PGM)minerals reprocessing and development Company. Our operational arm, Sylvania Dump Operations (SDO), has six chrome beneficiation and PGM processing plants in the Eastern and Western limb of the Bushveld Igneous Complex (BIC). A pioneer in chrome tailings reprocessing, Sylvania treats a combination of current and historical chrome tailings at our host mine sites.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.