Huntsman (NYSE:HUN) announced that its board has initiated a stock repurchase program, which allows the company to buyback $400.00 million in shares on Friday, February 23rd, EventVestor reports. This buyback authorization allows the basic materials company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
HUN has been the subject of several recent analyst reports. Jefferies Group raised their target price on Huntsman to $43.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Tudor Pickering initiated coverage on Huntsman in a research note on Friday, January 19th. They set a “buy” rating for the company. ValuEngine cut Huntsman from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 15th. Citigroup raised their target price on Huntsman from $41.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Alembic Global Advisors reissued a “buy” rating on shares of Huntsman in a research note on Monday, November 6th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $35.92.
Shares of Huntsman (NYSE HUN) opened at $33.26 on Wednesday. Huntsman has a one year low of $21.60 and a one year high of $36.09. The company has a quick ratio of 1.52, a current ratio of 1.87 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $7,980.00, a price-to-earnings ratio of 19.11, a PEG ratio of 1.52 and a beta of 2.76.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Thursday, March 15th will be paid a $0.1625 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Huntsman’s previous quarterly dividend of $0.13. This represents a $0.65 dividend on an annualized basis and a dividend yield of 1.95%. Huntsman’s payout ratio is presently 28.74%.
In other news, major shareholder Corp Huntsman sold 21,764,800 shares of Huntsman stock in a transaction on Monday, December 4th. The stock was sold at an average price of $21.66, for a total value of $471,425,568.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anthony P. Hankins sold 100,000 shares of Huntsman stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $33.24, for a total value of $3,324,000.00. The disclosure for this sale can be found here. Insiders sold 24,154,548 shares of company stock valued at $527,750,108 over the last ninety days. Insiders own 19.00% of the company’s stock.
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Huntsman Company Profile
Huntsman Corporation is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company operates all of its businesses through its subsidiary, Huntsman International LLC (Huntsman International). The Company operates through five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and Additives.
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