L.B. Foster (NASDAQ:FSTR - Get Free Report) declared that its Board of Directors has authorized a share buyback program on Tuesday, March 4th, RTT News reports. The company plans to buyback $40.00 million in outstanding shares. This buyback authorization permits the basic materials company to buy up to 16.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.
L.B. Foster Stock Performance
Shares of NASDAQ:FSTR traded down $0.86 on Friday, reaching $20.75. 55,563 shares of the company's stock were exchanged, compared to its average volume of 54,633. L.B. Foster has a twelve month low of $14.23 and a twelve month high of $30.77. The company has a fifty day moving average of $26.99 and a 200-day moving average of $24.01. The company has a market capitalization of $224.72 million, a price-to-earnings ratio of 5.33 and a beta of 0.97. The company has a current ratio of 2.27, a quick ratio of 1.30 and a debt-to-equity ratio of 0.37.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on FSTR shares. B. Riley boosted their price target on L.B. Foster from $21.00 to $25.00 and gave the company a "neutral" rating in a research note on Wednesday, November 13th. StockNews.com downgraded L.B. Foster from a "strong-buy" rating to a "buy" rating in a report on Thursday.
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About L.B. Foster
(
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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.
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