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)
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