L.B. Foster (NASDAQ:FSTR) Board of Directors Initiates Stock Repurchase Plan

L.B. Foster (NASDAQ:FSTR) announced that its board has approved a stock repurchase plan on Tuesday, March 4th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 16.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

L.B. Foster Trading Down 12.3 %

Shares of FSTR traded down $3.17 during midday trading on Tuesday, hitting $22.59. 67,736 shares of the stock were exchanged, compared to its average volume of 54,521. L.B. Foster has a 52-week low of $14.23 and a 52-week high of $30.77. The stock has a fifty day simple moving average of $27.30 and a 200 day simple moving average of $24.01. The firm has a market cap of $244.65 million, a P/E ratio of 5.81 and a beta of 0.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.30 and a current ratio of 2.27.

L.B. Foster (NASDAQ:FSTR) last released its quarterly earnings results on Tuesday, March 4th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.29 by ($0.31). L.B. Foster had a return on equity of 6.01% and a net margin of 7.96%. On average, research analysts anticipate that L.B. Foster will post 1.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FSTR. StockNews.com raised L.B. Foster from a “buy” rating to a “strong-buy” rating in a report on Friday, November 8th. B. Riley raised their price target on L.B. Foster from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th.

About L.B. Foster

L.B. Foster Company provides engineered and manufactured products and services for the building and infrastructure projects in the United States, Canada, the United Kingdom, and internationally. It operates through two segments: Rail, Technologies, and Services; and Infrastructure Solutions. The Rail, Technologies, and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors, as well as used rails; rail accessories, such as rack spikes, bolts, angle bars, tie plates, and other products; insulated rail joints and related accessories; fixation fasteners, coverboards, and special accessories; and trackwork products.