The Templeton closed - end Funds referenced above, which trade on the New York Stock Exchange, announced today that each Fund's Board has approved a modification to the Funds» existing open -
market share repurchase programs to authorize each Fund to repurchase up to 10 % of a Fund's outstanding shares in open - market transactions, at the discretion of management.
CLX has an open -
market share repurchase authorization of up to $ 750 million, all of which was available as of June 30, 2017.
The Benton Harbor, Michigan - based company said it intends to execute open
market share repurchases throughout 2018 after the completion of the tender offer.
TRIB also confirmed their intention to continue with open
market share repurchases up to a max.
Not exact matches
the Company's
share repurchase plans depend on a variety of factors, including the Company's financial position, earnings,
share price, catastrophe losses, maintaining capital levels commensurate with the Company's desired ratings from independent rating agencies, funding of the Company's qualified pension plan, capital requirements of the Company's operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions and related financings),
market conditions and other factors.
Jim Cramer highlights large
share repurchase programs at Apple, Boeing and others in a
market that's grown sour on buybacks.
From the inception of our Stock
Repurchase Program through April 27, 2018, we
repurchased approximately 23.7 million
shares of our common stock at an aggregate
market value of approximately $ 1.5 billion.
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and
markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial
market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end
market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit
market conditions and our capital structure; (6) the timing and scope of future
repurchases of United Technologies» common stock, which may be suspended at any time due to various factors, including
market conditions and the level of other investing activities and uses of cash, including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general
market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the
market price of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the value of the United Technologies»
shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
Jim Cramer highlights
share repurchase programs at Apple, Boeing and others in a
market that's grown sour on buybacks.
The math on stock buybacks is pretty simple: by
repurchasing your own company's stock in the
market you reduce the number of
shares outstanding, thereby increasing your earnings per
share by cutting your denominator (earnings per
share is calculated by dividing income by
shares outstanding).
Specialty food retailer Whole Foods
Market tumbled 6 percent after it missed revenue expectations, boosted its dividend and announced a $ 1 billion
share repurchase program.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings;
market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its
share repurchase program due to changes in its stock price, corporate or other
market conditions; fluctuations in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
The price to cash flow ratio would provide a better idea of the amount of money available to management for further research and development,
marketing support, debt reduction, dividends,
share repurchases, and more.
«The timing and actual number of
shares repurchased will depend on a variety of factors, including price, general business and
market conditions, and alternative investment opportunities,» Facebook said in its filing.
For each CEO's tenure, the researchers calculated three metrics: the country - adjusted total shareholder return (including dividends reinvested), which offsets any increase in return that's attributable merely to an improvement in the local stock
market; the industry - adjusted total shareholder return (including dividends reinvested), which offsets any increase that results from rising fortunes in the overall industry; and change in
market capitalization (adjusted for dividends,
share issues, and
share repurchases), measured in inflation - adjusted U.S. dollars.
Share repurchases are also more flexible than dividends — the
market punishes companies that suspend or reduce dividend payments.
Share repurchases have helped the stock
market climb to records from the depths of the financial crisis.
Over the past 30 years, during which earnings growth hasn't been stellar,
market values have instead been driven by Federal Reserve - induced low interest rates leading to corporate
share repurchase strategies and merger and acquisition activity.
At current prices, the 250 million
share buyback authorization would represent $ 13.2 billion and through 3Q15, Wells Fargo has
repurchased $ 6.7 billion of common stock, which represents 2.5 % of WFC's
market cap.
As the strength of the earnings growth we forecast materializes, and these funds scramble to correct this mistake, only to find themselves competing in the
market to do so, a de facto short squeeze may occur, and we can only hope that the company has
repurchased all the
shares it can before that happens.
We agree with the bulls and believe that even if Best Buy loses
market share, it can use excess capital to
repurchase shares, which would allow the company to achieve above - average per -
share earnings growth.
«Boards that authorise
share -
repurchase initiatives at
market prices below what the businesses are intrinsically worth per
share (without foregoing investment in even more compelling growth opportunities and with due regard for the financial security of the remaining shareholders) are clearly putting the shareholder's interest high on the priority list» Frank Martin
This
repurchase authorization permits the company to reacquire up to 33.8 % of its
shares through open
market purchases.
The ultimate irony is that the companies that did spend heavily on
share repurchases when capital was super-abundant may not have enough firepower to purchase
shares when another bear
market ensues.
- Since 2010, DISCK has deployed $ 8 billion toward buybacks (~ 50 % of its current
market cap)-- reducing diluted
shares outstanding by over 30 % — including $ 1.4 billion utilized in 2016 to
repurchase ~ 53 million
shares at an average cost of ~ $ 26 a
share.
Companies executing
repurchases through Bank of America Corp. have bought about $ 9 billion of
shares in 2016, the second - busiest start to a year since the bull
market began in 2009, the bank said in a research note last week.
Senator Tammy Baldwin plans to introduce a bill on Thursday that would prohibit companies from
repurchasing their
shares on the open
market, Baldwin told CNNMoney.
«Tactically,
repurchases may lift
share prices in the near term, but in our view it is a questionable use of cash at the current time when the P / E multiple of the
market is so high.»
«On October 24, 2017, our board of directors authorized a $ 150.0 million stock
repurchase program, allowing us to
repurchase shares of our common stock over a two - year period from time to time at various prices in the open
market or through private transactions.
And along with its quarterly report last week, Whole Foods raised its dividend, approved a massive new $ 1 billion
share repurchase program, and unveiled an ambitious new capital structure designed to take advantage of attractive debt
markets and reduce the company's overall cost of capital.
The
repurchase program allows Match Group to buy back 6m
shares of its stock through open
market purchases.
... invests in 100 [U.S. listed] stocks with
market caps greater than $ 200 million that rank among the highest in (a) paying cash dividends, (b) engaging in net
share repurchases, and (c) paying down debt on their balance sheets.
Looking to boost shareholder value, a number of companies have announced
share repurchase agreements to buy back
shares on the open
market.
What are your thoughts on the impact of
market prices on extent of
share repurchases?
In
repurchasing shares on the open
market, a company is essentially buying a perpetuity based on an income stream that I don't have a lot of confidence in.
In looking at all sides of the argument about
share repurchases, one could say that companies that were
repurchasing their own
shares during the bull
market of the 1990s looked smart as the value of their
shares continued to go up, and foolish a decade later in the bear
market of the 2000s as their
shares declined in value.
A stock buyback, or
repurchase, occurs when a company buys its own
shares off the
market and therefore reduces the amount of stock outstanding.
Companies buy back
shares on the open
market over an extended period of time and may even have an outlined
share repurchase program that buys back
shares at certain times or at regular intervals.
Companies that aggressively
repurchase their
shares tend to outperform the
market according to money manager James O'Shaughnessy.
Templeton Dragon Fund, Inc., Templeton Russia and East European Fund, Inc., and Templeton Emerging
Markets Fund Announce Modification of
Share Repurchase Programs
Lately we have seen several energy and materials companies raising their dividends, and in some cases they have reinstituted their
share repurchase programs, which can be executed more effectively during periods of
market weakness.
Warren Buffett Video In this CNBC video on 4th March Warren Buffett discusses the Heinz deal, the propensity for Berkshire stock to underperform the S&P in a rising
market and how he would
repurchase Berkshire
shares up to 120 % of book value.
A non-dividend paying company may also choose to use net profits to
repurchase their own
shares in the open
market in a
share buyback.
This may be the result of a delay between the time of issuing new
shares on the exercise of stock options and the time of
repurchasing them from the
market.
The shareholder yield tested by Mebane Faber is also worth mentioning (Dividend yield + Percentage of
Shares Repurchased + Net debt repaid yield) Net Debt Repaid Yield = Change in total debt /
Market Value of the company
A buyback is when a company
repurchases its stock with the goal of reducing the number of its
share on the
market.
The
repurchases will be made at management's discretion in the open
market in compliance with applicable securities laws and other legal requirements and are subject to
market conditions,
share price and other factors.
Most of our portfolio companies pay generous dividends or
repurchase significant quantities of outstanding
shares, thereby paying investors to wait until the
market recognizes their fair values.
Like most frontier
markets, a multi-asset fund (listed / OTC equities, private equity & property) like VOF is probably the best investment vehicle — it trades on a 23.5 % NAV discount, has a good performance record, and management continues to actively
repurchase shares (spending a cumulative USD 198 million & retiring 30 % of its outstanding
share count!).
BBX Capital This year - end 2017
Repurchase (see post) was based on the premise that BBX's
market cap was less that the
market value of its 90 % ownership in Bluegreen Vacations (BXG), each BBX
share having the equivalent of 2/3 of a
share of BXG.