These Materials Stocks Announced Huge Stock Buybacks Last Quarter, Q2 FY 2023

Discover the materials stocks with the biggest stock buyback authorizations last quarter, Q2 FY 2023



Industry: Specialty Chemicals

Gevo, Inc. (GEVO) has recently authorized a stock repurchase program, allowing it to repurchase up to $25 million of its common stock. The aim of this program is to provide Gevo with the opportunity to buy back shares strategically while ensuring sufficient funding for its development projects. Dr. Patrick R. Gruber, Gevo's CEO, expressed confidence in Gevo's future, highlighting the currently undervalued price of their common stock. Gevo sees the stock repurchase program as a means to further enhance Gevo's value in the coming years. The repurchases will be made at prevailing market prices through open market transactions or privately negotiated deals, adhering to legal requirements and applicable securities laws. The timing and volume of repurchases will be determined at Gevo's discretion, considering market conditions and other factors. It's important to note that Gevo is not obliged to repurchase any specific amount of common stock and may suspend or discontinue the program at any time. The stock repurchase program will be executed by H.C. Wainwright & Co. on behalf of Gevo.


Industry: Chemicals

LSB Industries, Inc. (LSB) has recently announced its authorization of a stock repurchase program. The Board of Directors has approved the repurchase of up to $150 million worth of LSB Industries's outstanding common stock. Mark Behrman, LSB Industries' President and CEO, explained that this decision was driven by their belief that the stock is currently undervalued, presenting an attractive investment opportunity. Despite a decline in nitrogen selling prices, LSB Industries remains confident in its outlook for continued profitability and cash flow. LSB Industries aims to enhance shareholder value through operational improvements, organic growth opportunities, debt reduction, and the repurchase of common stock. The repurchases may occur in the open market, through private transactions, or according to applicable securities laws and regulations. Management will make repurchase decisions based on various factors, such as stock availability, market conditions, trading price, capital allocation options, and LSB's financial performance. The repurchase program is subject to suspension, termination, or modification based on factors including market conditions, repurchase costs, alternative investment opportunities, liquidity, and other relevant considerations. LSB Industries is not obligated to purchase any specific number of shares under this program.


Industry: Specialty Chemicals

Orion Engineered Carbons (OEC), a global specialty chemicals company, recently announced the approval of a new share repurchase program. Orion's Board of Directors has authorized management to buy back up to approximately 6.9 million of its outstanding common stock. This move is part of Orion's strategy to leverage its cash flow for growth and productivity initiatives while maintaining debt within its target range. With the completion of the previous share repurchase authorization, Orion now has the potential to repurchase up to 15 percent of its outstanding shares. The authorization allows for repurchases through open market purchases or public tender offers, following applicable securities laws and other restrictions. The timing and total amount of repurchases will depend on various factors, such as business conditions, market trends, and regulatory requirements.


Industry: Specialty Chemicals

Ashland Inc. has declared a quarterly cash dividend of $0.385 cents per share on its common stock, representing a 15 percent increase from the previous quarter. This decision reflects Ashland's commitment to providing consistent and growing dividends, aligning with its anticipated annual earnings growth. The dividend is payable on June 15, 2023, to stockholders of record at the close of business on June 1, 2023. Furthermore, Ashland has authorized a stock buyback program, under which it plans to repurchase up to $100 million of its outstanding shares. This move demonstrates the board of directors' confidence in Ashland's ability to generate earnings and cash flow, as well as its dedication to delivering shareholder value through disciplined capital allocation. Ashland's strong financial position and performance provide the flexibility to support growth initiatives while returning capital to shareholders. The new 10b5-1 program is expected to be completed during the June 2023 fiscal quarter, and combined with previous repurchases, Ashland will have returned approximately $950 million to its shareholders over the past three years.


Industry: Steel

ArcelorMittal, a leading steel and mining company, has recently authorized a stock buyback program of up to 85 million shares. This decision was made following the release of their first quarter 2023 results and the approval from the annual general meeting of shareholders in May 2023. The buyback program is expected to be completed by May 2025, and the number of shares repurchased will depend on factors such as ArcelorMittal's post-dividend Free Cash Flow, shareholder authorization, and market conditions. The primary purposes of acquiring these shares are to reduce ArcelorMittal's share capital, fulfill obligations related to employee share programs, and meet obligations exchangeable into equity securities.


Industry: Agricultural Inputs

American Vanguard Corporation has recently authorized a stock buyback program, allowing the repurchase of up to $15 million of common stock within the next twelve months, in compliance with Exchange Act Rule 10b-18. This move reflects American Vanguard's strong confidence in the robustness of AVD's core business and strategic growth initiatives. The introduction of new biological crop protection and nutrition products in the Green Solutions portfolio, along with the SIMPAS/Ultimus prescription application technologies for enhanced agricultural productivity and environmental sustainability, has positioned AVD as a technology-driven enterprise. The stock buyback program is expected to commence in the first week of June 2023.

Alldata was sourced from LevelFields AI

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