Buyback Announcements and News
10/28/2024
New Mountain Finance announces extension of stock repurchase program ($11.44, 0.00)
- New Mountain Finance Corporation announced that on 23-Oct-24, the company's board authorized an extension of a previously established stock repurchase program; pursuant to the Repurchase Program, the company can repurchase up to $50M worth of its common stock at the discretion of NMFC's management team.
- The Repurchase Program was set to expire on 31-Dec-24, but the company's board elected to extend the Repurchase Program through 31-Dec-25. Unless further extended by NMFC's board, the company expects the Repurchase Program to be in place until the earlier of 31-Dec-25 or until $50M worth of NMFC's outstanding shares of common stock have been repurchased.
- To date, ~$2.9M worth of repurchases have been made by the company under the Repurchase Program.
10/28/2024
Bankwell Financial Group reports Q3 EPS $0.24 vs FactSet $0.68 [1 est]; announces new share repurchase plan for up to 250K shares ($29.03, 0.00)
- Reports Q3:
- Net interest income $20.7M vs FactSet $21.1M
- Net interest margin 2.72% vs FactSet 2.73%
- Share Repurchase Plan
- On 28-Oct-24, the company announced that on 23-Oct-24, its board authorized a new share repurchase plan.
- Under the terms of the share repurchase plan, the company is authorized to buy back up to 250,000 shares of its outstanding common stock.
- In connection with the authorization of the new plan, the company terminated its existing plan, originally approved in 2018 and amended in 2021, pursuant to which the company has purchased 532,802 shares of its common stock.
10/28/2024
Atlas Energy Solutions approves new share repurchase program for up to $200M - 8-K ($20.02, 0.00)
- On 28-Oct-24, Atlas Energy Solutions announced that the board of the company approved a new stock repurchase program for the repurchase of up to $200M of the company's outstanding common stock.
- The stock repurchase program will terminate upon completion of the repurchase of $200M of common stock or on 31-Dec-26, whichever occurs first.
10/28/2024
Champion Homes reports Q2 EPS $0.93 ex-items vs FactSet $0.75 [6 est, $0.47-0.85] ($90.85, 0.00)
- Reports Q2:
- Revenue $616.9M vs FactSet $600.5M [5 est, $527.9-622M]
- Adjusted EBITDA $74.2M vs FactSet $62.7M [5 est, $42.3-70.3M]
- U.S. homes sold increased 31.3% to 6,357
- Total backlog increased 5.6% to $427M from the sequential Q1
- Average selling price per U.S. home sold increased 4.5% to $92,400
- As of 28-Sep-24, Champion Homes had $570.2M of cash and cash equivalents, an increase of $21.3M in the current quarter.
- Share Repurchase Program:
- Repurchased $20.0M of shares under the share repurchase program.
- On 28-Oct-24, the board refreshed the share repurchase authorization to provide for $100M of potential future repurchases.
10/28/2024
Sachem Capital announces stock repurchase plan of up to $5.8M - 8-K ($2.42, 0.00)
- On 23-Oct-24, the board of Sachem Capital Corp. adopted a new stock repurchase plan to replace its existing stock repurchase plan effective as of 10-Oct-24, pursuant to which the company may repurchase up to an aggregate of $5.8M of its common shares.
- The repurchase program is expected to continue until the earlier of the repurchase of all the common shares under the program or termination by either the company's board or both of the Brokers.
10/28/2024
Murchinson nominates two candidates to Nano Dimension's board ($2.39, 0.00)
- Murchinson Ltd., a significant shareholder with ~7.1% of the outstanding shares of Nano Dimension Ltd., announced it has nominated two director candidates - Robert (Bob) Pons and Ofir Baharav - for election to the Nano board at the upcoming 2024 Annual General Meeting of Shareholders, scheduled for 6-Dec-24.
- In addition to its director nominations, Murchinson has also submitted proposals for inclusion on the agenda for the 2024 Annual Meeting related to amendments and additions to the company's Articles of Association.
- Murchinson stated:
- "For the past two years, we have been advocating for changes in the Nano boardroom that are critical in order to protect and create long-term shareholder value. In March 2023, Nano shareholders sent a clear message when they voted overwhelmingly at the special general meeting we called in favor of removing CEO Yoav Stern, Oded Gera, Igal Rotem and Yoav Nissan-Cohen from the board. Despite 85% of voting shareholders voting to remove them, Messrs. Stern, Gera and Nissan-Cohen have refused to recognize these results and depart the board.
- Since then, Nano has gone to great lengths to ignore this clear desire for change and disenfranchise shareholders, including by manipulating the voting process at last year's annual general meeting of shareholders and weaponizing the legal systems in Israel and the U.S. at shareholders' expense. While we are confident that the merits of our case will prevail, we cannot wait for the Israeli Court's decision. Despite Nano's so-called "refreshment" of the board, it is clear to us that the problems identified by Murchinson persist and the board remains subservient to Stern.
- Nano's board has demonstrated that it is unable to improve the company's valuation. The company's share price is stagnant and the board, having spent ~$160M on share repurchases, appears to have no ideas to improve it.
- The board has shown that it is incapable of holding management accountable. The proposed compensation package for Stern, which we find offensive because, among other things, it is misaligned with actual performance, confirms that the board is not protecting shareholders' interests nor properly overseeing management.
- The board's actions reveal that it lacks the necessary judgment to use Nano's cash and other resources responsibly. Between the related-party acquisition of DeepCube from two sitting directors at an inflated value in 2021, the overpriced, misguided acquisitions of Desktop Metal, Inc. and Markforged Holding Corp., and management's demonstrated inability to integrate acquired businesses and generate synergies, there is compelling evidence that additional independent voices with M&A experience are needed.
- When a publicly traded company is valued at a discount to its cash, shareholders are signaling that they do not believe the company's leadership can create value. This persistent negative enterprise value reveals that the Nano board either does not care or is not able to convince shareholders otherwise.
10/28/2024
PotlatchDeltic reports Q3 EPS $0.04 ex-items vs FactSet ($0.05) [8 est, ($0.12)-0.01] ($42.29, 0.00)
- Reports Q3:
- Revenue $255.1M vs FactSet $241.3M [8 est, $238-246M]
- Adjusted EBITDA $45.9M vs FactSet $41.1M [8 est, $33-49M]
- Repurchased 57,000 shares for $2.4M, or $42 per share.
- Management Comments:
- "During Q3, our businesses delivered solid operational performance while navigating a challenging lumber market as well as the broader economic environment. Additionally, our Wood Products division achieved a significant milestone with the successful completion of the construction phase of our Waldo, Arkansas sawmill expansion and modernization project. We believe this strategic investment positions the Waldo mill to be a top quartile sawmill, enabling it to generate an additional $25M of Adjusted EBITDDA annually under a mid-cycle sales environment once the mill reaches its new capacity output."
- "As for capital allocation, we will continue to be disciplined stewards of our shareholders' capital and remain focused on returning capital to shareholders while prioritizing the long-term value for our shares. Looking forward, we believe that lumber markets are stabilizing as supply and demand in the industry continue to align. We are also optimistic that reductions in interest rates will serve as a catalyst, creating positive momentum in the housing and repair and remodel markets, thereby driving demand in our business,"
10/28/2024
F5, Inc. reports Q4 EPS $3.67 ex-items vs FactSet $3.45 [12 est, $3.42-3.50] ($219.01, 0.00)
- Reports Q4:
- Revenue $746.7M vs FactSet $730.4M [10 est, $726.4-733M]
- Q1 Guidance:
- EPS $3.29-3.41 ex-items vs FactSet $3.35 [12 est, $3.19-3.52]
- Revenue $705M-725M vs FactSet $705.9M [9 est, $697.6-727.9M]
- FY Guidance (Sep 2025):
- Non-GAAP EPS growth of 5% to 7% over FY24. On a tax-neutral basis, the midpoint of F5's FY25 non-GAAP EPS guidance reflects 10% growth y/y.
- FactSet FY25 EPS growth consensus is +7.5%
- Revenue growth +4%-5% y/y vs FactSet +3.9%
- Non-GAAP EPS growth of 5% to 7% over FY24. On a tax-neutral basis, the midpoint of F5's FY25 non-GAAP EPS guidance reflects 10% growth y/y.
- F5 also announced that its board has authorized an additional $1B for its common stock repurchase program. This new authorization is incremental to the $422M remaining in the existing program.
10/28/2024
StreetAccount Summary - Notable US Dividend & Share Repurchase Announcements: Week of 21-Oct
- Dividends: StreetAccount has tracked 39 dividend increases during the week of 21-Oct through 27-Oct.
- Dividend Increases/Initiations:
- Capital Goods
- 22-Oct: Mueller Water Products increases quarterly dividend by 4.7% to $0.067 from $0.064 (MWA)
- 23-Oct: Zurn Elkay Water Solutions increases quarterly dividend by 12.5% to $0.09 from $0.08 (ZWS)
- 23-Oct: Armstrong World Industries increases quarterly dividend by 10.0% to $0.308 from $0.28 (AWI)
- 24-Oct: Standex International increases quarterly dividend by 6.7% to $0.32 from $0.30 (SXI)
- 24-Oct: Comfort Systems USA increases quarterly dividend by 16.7% to $0.35 from $0.30 (FIX)
- 25-Oct: Gorman-Rupp increases quarterly dividend by 2.8% to $0.185 from $0.18 (GRC)
- Consumer Cyclical
- 25-Oct: Kontoor Brands increases quarterly dividend by 4.0% to $0.52 from $0.50 (KTB)
- Energy
- 23-Oct: Global Partners increases quarterly distribution by 1.4% to $0.73 from $0.72 (GLP)
- 24-Oct: Archrock increases quarterly dividend by 6.1% to $0.175 from $0.165 (AROC)
- 25-Oct: Select Water Solutions increases quarterly dividend by 16.7% to $0.07 from $0.06 (WTTR)
- Financial
- 21-Oct: Enterprise Financial Services increases quarterly dividend by 3.7% to $0.28 from $0.27 (EFSC)
- 21-Oct: Selective Insurance Group increases quarterly dividend by 8.6% to $0.38 from $0.35 (SIGI)
- 22-Oct: Getty Realty increases quarterly dividend by 4.4% to $0.47 from $0.45 (GTY)
- 22-Oct: National Bank Holdings increases quarterly dividend by 3.6% to $0.29 from $0.28 (NBHC)
- 23-Oct: Prosperity Bancshares increases quarterly dividend by 3.6% to $0.58 from $0.56 (PB)
- 23-Oct: Amerisafe declared a special cash dividend of $3.00 per share and a regular cash dividend of $0.37 per share, payable on 13-Dec-24, to shareholders of record as of 6-Dec-24 (AMSF)
- 23-Oct: S&T Bancorp increases quarterly dividend by 3.0% to $0.34 from $0.33 (STBA)
- 23-Oct: SLM Corp increases quarterly dividend by 18.2% to $0.13 from $0.11 (SLM)
- 23-Oct: Brown & Brown increases quarterly dividend by 15.4% to $0.15 from $0.13 (BRO)
- 24-Oct: HomeTrust Bancshares increases quarterly dividend by 9.1% to $0.12 from $0.11 (HTBI)
- 24-Oct: Eastern Bankshares increases quarterly dividend by 9.1% to $0.12 from $0.11 (EBC)
- 24-Oct: Principal Financial Group increases quarterly dividend by 1.4% to $0.73 from $0.72 (PFG)
- 24-Oct: Atlantic Union Bankshares increases quarterly dividend by 6.25% to $0.34 from $0.32 (AUB)
- 24-Oct: Community Healthcare Trust increases quarterly dividend by 0.5% to $0.465 from $0.4625 (CHCT)
- 25-Oct: Tompkins Financial increases quarterly dividend by 1.6% to $0.62 from $0.61 (TMP)
- Healthcare
- 24-Oct: West Pharmaceutical Services increases quarterly dividend by 5.0% to $0.21 from $0.20 (WST)
- Services
- 22-Oct: Rollins increases quarterly dividend by 10.0% to $0.165 from $0.15 (ROL)
- 22-Oct: Starbucks increases quarterly dividend by 7.0% to $0.61 from $0.57 (SBUX)
- 23-Oct: Churchill Downs increases annual dividend by 7.1% to $0.409 from $0.382 (CHDN)
- 23-Oct: Las Vegas Sands announced a $0.20 Increase in LVS's Recurring common stock Dividend for the 2025 Calendar Year, Raising the Annual Dividend to $1.00 per Share (LVS)
- 23-Oct: Shenandoah Telecom increases annual dividend by 11.1% to $0.10 from $0.09 (SHEN)
- 24-Oct: Sonic Automotive increases quarterly dividend by 16.7% to $0.35 from $0.30 (SAH)
- 24-Oct: Murphy USA increases quarterly dividend by 6.7% to $0.48 from $0.45 (MUSA)
- 25-Oct: Leidos Holdings increases quarterly dividend by 5.3% to $0.40 from $0.38 (LDOS)
- Technology
- 22-Oct: Seagate Technology increases quarterly dividend by 2.9% to $0.72 from $0.70 (STX)
- 25-Oct: Hubbell increases quarterly dividend by 8.2% to $1.32 from $1.22 (HUBB)
- Utilities
- 22-Oct: American Electric Power Co. increases quarterly dividend by 5.7% to $0.93 from $0.88 (AEP)
- 24-Oct: Middlesex Water increases quarterly dividend by 4.6% to $0.34 from $0.325 (MSEX)
- 25-Oct: Entergy increases quarterly dividend by 6.2% to $1.20 from $1.13 (ETR)
- Capital Goods
- Dividend Increases/Initiations:
- Share Repurchases: StreetAccount has tracked 16 share repurchase increases/resumptions during the week of 21-Oct through 27-Oct.
- New/Increased Repurchase Authorizations:
- Basic Materials
- 24-Oct: Minerals Technologies authorizes new $200M share repurchase program (MTX)
- Capital Goods
- 24-Oct: Carrier Global approved a $3B share repurchase authorization (CARR)
- Consumer Cyclical
- 24-Oct: LKQ Corp announces $1B increase to stock repurchase program (LKQ)
- 25-Oct: Hudson Technologies board approves increase to share repurchase program to up to $20M (HDSN)
- Financial
- 22-Oct: Comerica enters accelerated repurchase agreement to repurchase $100M in common stock (CMA)
- 22-Oct: SEI Investments increases stock share repurchase program by $400M (SEIC)
- Healthcare
- 24-Oct: Chromocell Therapeutics' board authorizes $500K increase in repurchase plan to $750K (CHRO)
- 25-Oct: Align Technology confirms plans for $275M open market repurchase, under existing $1B authorization (ALGN)
- 25-Oct: ICON plc authorizes additional $250M buyback program (ICLR)
- Services
- 21-Oct: Mynd.ai announces $10M share repurchase program (MYND)
- 22-Oct: Moody's authorized an additional $1.5B in share repurchase authority (MCO)
- 23-Oct: Las Vegas Sands authorized increasing the remaining share repurchase amount of $195M to $2.0B (LVS)
- 24-Oct: TKO announces $2.0B share buyback program (TKO)
- Technology
- 23-Oct: Travelzoo announces share repurchase program for up to 1.0M shares (TZOO)
- 23-Oct: TeraWulf Inc.'s board authorizes $200M share repurchase program (WULF)
- Transportation
- 24-Oct: Southwest Airlines announces $250M ASR (LUV)
- Basic Materials
- New/Increased Repurchase Authorizations:
10/28/2024
ADT announces pricing of 56M share offering for holder Apollo and concurrent 16M share repurchase through Barclays, Citigroup, and BTIG ($7.88, 0.00)
- The actual price per share of the offering (& concurrent repurchase) was not disclosed in the release
- 56M share offering for Apollo and concurrent repurchase of 16M shares was announced earlier this morning (see linked comment)