Discover the biggest stock buyback authorizations announced last week, May 1
May 9, 2023
Orion Engineered Carbons, a global specialty chemicals company, recently announced the approval of a new share repurchase program that authorizes the purchase of up to approximately 6.9 million of its outstanding common stock, with the potential to purchase up to 15 percent of its outstanding shares. The program allows for repurchasing shares at any time through June 2027, with the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934. The decision was made to leverage the company's cash flow to support investments in growth and productivity initiatives, maintain debt within target ranges, and offer potential compelling shareholder returns, including further share repurchases. Market, economic, and business conditions, as well as corporate and regulatory requirements, will determine the timing and total amount of stock repurchases.
William Penn Bancorporation (NASDAQ CM:WMPN), the parent company of William Penn Bank, has announced a new stock repurchase program to acquire up to 1,281,019 shares or approximately 10.0% of the Company's currently issued and outstanding common stock. This new program will commence upon the completion of the Company's existing stock repurchase program. The Company's Board of Directors authorized the repurchase program following consultation with the Federal Reserve Bank of Philadelphia. Kenneth J. Stephon, Chairman, President and CEO of William Penn, stated that the repurchase plan will allow the company to significantly increase its ongoing buyback program and create value for shareholders. The timing and number of shares repurchased will depend on a variety of factors, including market conditions and corporate and regulatory requirements.
AG Mortgage Investment Trust, Inc. (MITT) reported a 4.1% increase in book value per share for the first quarter of 2023 compared to the previous quarter. The company also repurchased 0.9 million shares of common stock for $5.2 million, resulting in approximately 2% accretion to December 31, 2022, book value per share. MITT's Board of Directors authorized a $15.0 million common stock repurchase program in addition to the remaining $1.7 million authorized under the 2022 Repurchase Program. MITT's recent financial results and growth in its investment portfolio have likely contributed to the decision to authorize the stock buyback.
WillScot Mobile Mini Holdings Corp, the North American leader in innovative flexible space and storage solutions, has announced that its Board of Directors has replenished the Company's share repurchase authorization to $1.0 billion as of May 3, 2023. According to Brad Soultz, CEO of the company, this stock buyback is part of the capital allocation framework they introduced at their November 2021 Investor Day, which includes funding their organic growth trajectory, investing in smart and highly accretive acquisitions, and allocating the balance of their available capital towards leverage maintenance and returns to shareholders. The stock buyback has been authorized after the company repurchased 22.4 million of their common shares for $895 million in the last 12 months, representing a 9.5% reduction in their economic share count and a powerful economic return for their shareholders.
1895 Bancorp of Wisconsin, Inc. (NASDAQ: BCOW), the holding company for PyraMax Bank, FSB, recently announced that it has adopted its second stock repurchase program, subject to regulatory non-objection, following the completion of its existing stock repurchase program. The new program allows the Company to repurchase up to 10% of its current outstanding shares, and the repurchases are expected to commence after the completion of the existing program, which has 9,945 shares remaining to be repurchased. The shares may be repurchased through open market or private transactions, block trades, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission, and there is no expiration date for the program. The repurchases will be made at the discretion of management and subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's financial performance. The timing and amount of share repurchases under this authorization may be suspended, terminated or modified by the Company at any time for any reason.
Commvault, a data management software provider, announced its financial results for the fourth quarter and fiscal year ended March 31, 2023. The company's total revenues for the fourth quarter of fiscal 2023 were $203.5 million, down by 1% year over year. However, annualized recurring revenue (ARR) was $668.4 million, up by 15% year over year. Commvault's board of directors has authorized a share buyback program of $250 million, of which $150.9 million was already used in fiscal 2023. The stock buyback was authorized due to the company's strong cash flow and to enhance shareholder value.
Aspen Technology, Inc. (AspenTech), a global leader in industrial software, has authorized a new share repurchase program for up to $100 million of its outstanding shares of common stock in fiscal years 2023 and 2024. The buyback program includes an accelerated share repurchase agreement with JPMorgan Chase Bank, National Association, which is expected to settle in the first quarter of fiscal year 2024, subject to early acceleration by JPMorgan. The CEO of AspenTech, Antonio Pietri, stated that the buyback program is in line with the company's capital allocation strategy, and its primary capital allocation priority continues to be acquisitions that support long-term strategic growth.
Silicom Ltd, a leading provider of high-performance networking and data infrastructure solutions, has reported a 16% increase in revenues for Q1 2023, reaching $37.2 million. The company's net income for the quarter has also seen significant growth, with GAAP net income at $3.5 million and non-GAAP net income at $4.2 million. In light of these impressive results, the Company's Board of Directors has authorized a new one-year share repurchase plan of up to $15 million. The timing and actual number of shares repurchased will depend on the share's current price, general business/market conditions, and other factors.
Boyd Gaming Corporation (BYD) recently announced that its Board of Directors has authorized an additional $500 million for the Company's share repurchase program. This move is intended to boost shareholder value by reducing the number of outstanding shares, which can potentially increase earnings per share. As of March 31, 2023, the Company had approximately $633 million remaining in repurchase authority. The Board of Directors has also declared a quarterly cash dividend of $0.16 per share, payable on July 15, 2023, to shareholders of record as of June 15, 2023.
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