3i Group (LON:III) Board of Directors Authorizes Share Repurchase Plan

3i Group (LON:III) declared that its board has approved a stock buyback program on Thursday, November 12th, RTT News reports. The company plans to buy back £750 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.9% of its shares through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

3i Group Stock Up 6.2%

III traded up GBX 158.97 during trading on Thursday, hitting GBX 2,719. The company had a trading volume of 361,765,469 shares, compared to its average volume of 26,748,357. The company has a market cap of £27.56 billion, a PE ratio of 5.05, a P/E/G ratio of -0.35 and a beta of 1.63. The business has a 50-day moving average of GBX 2,539.52 and a 200-day moving average of GBX 2,683.44. The company has a debt-to-equity ratio of 4.08, a current ratio of 131.80 and a quick ratio of 0.09. 3i Group has a 1-year low of GBX 1,825 and a 1-year high of GBX 3,806.

Insider Buying and Selling

In other 3i Group news, insider Simon Borrows bought 37,600 shares of the stock in a transaction on Thursday, November 12th. The stock was purchased at an average price of GBX 2,674 per share, for a total transaction of £1,005,424. 2.13% of the stock is currently owned by corporate insiders.

About 3i Group

3i is an investment company specialising in Private Equity and Infrastructure. We invest in mid-market companies headquartered in Europe and North America. We generate attractive returns for our shareholders and co-investors by investing in private equity and infrastructure assets. As proprietary capital investors we have a long-term, responsible approach. We aim to compound value through thoughtful origination, disciplined investment and active management of our assets, driving sustainable growth in our investment companies.