By Dean Seal
Beazer Homes USA is accelerating its pace of share repurchases following a 20% plunge in its stock price so far this year.
The home-construction company said Thursday that it still has about $24.8 million in buybacks authorized under its current program and has repurchased $4.1 million worth of stock at an average price of $21.86 since Jan. 30. Shares have fallen more than 20% since Jan. 1.
"The ability to buy back our shares at a significant discount to book value represents a compelling investment opportunity and we plan to act on it," Chief Executive Allan Merrill said.
As part of the acceleration, Beazer plans to moderate its debt reduction strategy in the near-term. It is now projecting its net debt to net capitalization ratio to be in the mid-to-high 30% range by the end of fiscal 2025 and in the low 30% range by the end of fiscal 2026. It still has the long-term goal of reducing the reaction to below 30%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 06, 2025 09:35 ET (14:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。