Inchcape (LON:INCH) to Repurchase 0 Outstanding Stock

Inchcape (LON:INCH) declared that its Board of Directors has authorized a stock repurchase program on Tuesday, July 28th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Inchcape Stock Up 0.9%

Shares of INCH traded up GBX 7.50 during mid-day trading on Tuesday, hitting GBX 829.50. 1,961,688 shares of the company’s stock were exchanged, compared to its average volume of 6,384,264. The stock has a market cap of £2.90 billion, a price-to-earnings ratio of 11.59, a P/E/G ratio of 2.06 and a beta of 0.97. The firm has a fifty day moving average of GBX 807.44 and a two-hundred day moving average of GBX 811.28. The company has a quick ratio of 0.51, a current ratio of 1.07 and a debt-to-equity ratio of 100.56. Inchcape has a twelve month low of GBX 640.50 and a twelve month high of GBX 895.

Analysts Set New Price Targets

A number of research firms have recently weighed in on INCH. Berenberg Bank reaffirmed a “buy” rating and set a GBX 1,170 price target on shares of Inchcape in a research note on Tuesday. Jefferies Financial Group reissued a “buy” rating and issued a GBX 1,050 price target on shares of Inchcape in a research note on Thursday, April 30th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of GBX 1,060.

Insider Transactions at Inchcape

In related news, insider Adrian Lewis sold 45,674 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of GBX 830, for a total value of £379,094.20. Corporate insiders own 13.39% of the company’s stock.

About Inchcape

Inchcape is the leading global automotive distributor, with operations across six continents. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners – building stronger automotive brands and creating sustainable growth. Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.