These Materials Stocks Announced Huge Stock Buybacks Last Quarter

Discover the materials stocks with the biggest stock buybacks last quarter, Q1 2023



Industry: Specialty Chemicals

Ecovyst Inc. (ECVT) recently announced that INEOS Limited plans to offer for sale 14,000,000 shares of Ecovyst's common stock through a shelf registration statement filed with the Securities and Exchange Commission. The Selling Stockholder also intends to grant the underwriter an option to purchase up to 2,100,000 additional shares. While the Selling Stockholder will receive the net proceeds from the Offering, Ecovyst plans to repurchase 4,000,000 shares of its common stock at the offering price. Ecovyst will finance this buyback using cash on hand and cash from operations. The completion of the share repurchase is contingent upon the closing of the Offering. J.P. Morgan is acting as the underwriter for the Offering.


Industry: Agricultural Inputs

CF Industries Holdings, Inc. achieved impressive fourth-quarter earnings of $4.35 per share, surpassing estimates and representing a 33% increase from the previous year. While net sales fell short of expectations at $2,608 million, a 2.7% growth from the prior year was driven by higher prices resulting from disruptions in the fertilizer supply chain due to global energy costs, reduced operating rates, and geopolitical factors. Notably, CF Industries Holdings' Ammonia segment experienced a 3.3% increase in net sales, while Granular Urea sales declined by 8.6% and UAN sales rose by 15.4% in 2022. CF Industries' strong financial performance enabled a reduction in long-term debt and a significant increase in cash and cash equivalents. The board responded by authorizing a new $3 billion share repurchase program, which will commence upon completing the existing program and extend until the end of 2025. Looking forward, CF Industries anticipates continued growth supported by robust global nitrogen prices driven by agricultural demand and persistent high energy costs. CF Industries Holdings foresees a tight nitrogen supply-demand balance until 2025, as global grain stocks gradually replenish over the next two years, leading to increased nitrogen applications and strong grain plantings.


Industry: Silver

First Majestic Silver Corp. (AG) has announced its authorization to extend the share repurchase program, allowing First Majestic Silver to repurchase up to 5,000,000 common shares, approximately 1.83% of the total issued and outstanding shares. This decision comes after First Majestic Silver received regulatory consent and TSX approval for a normal course issuer bid, enabling open-market purchases through the Toronto Stock Exchange or alternative Canadian trading systems over the next 12 months. The purpose of the stock buyback is to take advantage of potential undervaluation in the market, where First Majestic Silver believes that the current stock price does not reflect the true value of its business and future prospects. Under the previous buyback program, First Majestic repurchased 100,000 shares for cancellation at an average price of CDN$8.52.


Industry: Agricultural Inputs

Nutrien Ltd. (NTR) recently authorized a stock buyback of up to five percent of its issued and outstanding common shares, through a normal course issuer bid (NCIB). This move comes on the heels of Nutrien's announcement of a 10 percent increase in its quarterly dividend, now at US$0.53 per share. Nutrien's stock buyback authorization indicates Nutrien's confidence in its future prospects and a desire to enhance shareholder value.


Industry: Chemicals

AdvanSix, a leading chemical company, has announced its fourth quarter and full-year 2022 financial results, revealing record sales, earnings, and cash flow. Despite a 5% decline in sales for the fourth quarter, AdvanSix achieved strong commercial execution and increased cash flow from operations by 109% compared to the previous year. In recognition of its robust performance, AdvanSix authorized an additional $75 million share repurchase program, further enhancing its capital deployment strategy. AdvanSix's recent acquisition of U.S. Amines and its commitment to returning cash to shareholders through share repurchases and increased dividends contributed to the stock buyback authorization. AdvanSix also received a Platinum Rating for corporate social responsibility from EcoVadis.

Data gathered from our Stock Buyback Scenario

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