Valmont Industries Announces $120M Accelerated Share Repurchase; To Receive An Initial Delivery Of ~0.4M Shares
Portfolio Pulse from Benzinga Newsdesk
Valmont Industries has initiated a $120M accelerated share repurchase (ASR) with Citibank, N.A., receiving an initial delivery of about 0.4M shares on November 29, 2023. The final share count will depend on the volume-weighted average price, with the ASR concluding by Q1 2024.
November 29, 2023 | 1:18 pm
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POSITIVE IMPACT
Valmont Industries' $120M ASR with Citibank indicates a bullish stance by the company, suggesting confidence in its stock value and a potential increase in EPS.
The ASR demonstrates Valmont's management confidence in the company's future performance and stock value. By reducing the number of shares outstanding, it may lead to an increase in earnings per share (EPS), which can be viewed positively by investors. The initial share delivery and the completion timeline provide a clear short-term catalyst for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100