Abercrombie & Fitch (NYSE:ANF) to Repurchase $1.30 billion in Outstanding Stock

Abercrombie & Fitch (NYSE:ANF - Get Free Report) declared that its board has approved a stock repurchase program on Wednesday, March 5th, RTT News reports. The company plans to buyback $1.30 billion in shares. This buyback authorization permits the apparel retailer to purchase up to 29.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Abercrombie & Fitch Price Performance

Shares of NYSE ANF traded up $2.58 during mid-day trading on Friday, hitting $86.16. The company had a trading volume of 2,935,767 shares, compared to its average volume of 1,802,866. Abercrombie & Fitch has a 1-year low of $79.77 and a 1-year high of $196.99. The company has a market capitalization of $4.34 billion, a PE ratio of 8.52 and a beta of 1.45. The business's 50-day simple moving average is $121.00 and its 200 day simple moving average is $136.79.

Abercrombie & Fitch (NYSE:ANF - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The apparel retailer reported $3.57 earnings per share for the quarter, beating analysts' consensus estimates of $3.48 by $0.09. Abercrombie & Fitch had a return on equity of 46.50% and a net margin of 11.16%. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.57 billion. During the same period last year, the firm earned $2.97 earnings per share. Abercrombie & Fitch's quarterly revenue was up 9.1% on a year-over-year basis. On average, analysts expect that Abercrombie & Fitch will post 10.62 EPS for the current year.

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Analyst Ratings Changes

Several research firms have recently commented on ANF. JPMorgan Chase & Co. lowered their price target on Abercrombie & Fitch from $189.00 to $168.00 and set an "overweight" rating for the company in a research report on Wednesday. UBS Group lowered their price target on Abercrombie & Fitch from $210.00 to $150.00 and set a "buy" rating for the company in a research report on Thursday. StockNews.com lowered Abercrombie & Fitch from a "buy" rating to a "hold" rating in a research report on Sunday. Raymond James lowered their price target on Abercrombie & Fitch from $180.00 to $165.00 and set an "outperform" rating for the company in a research report on Tuesday, January 14th. Finally, Morgan Stanley reduced their price objective on Abercrombie & Fitch from $149.00 to $139.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Abercrombie & Fitch has an average rating of "Moderate Buy" and a consensus target price of $147.75.

Abercrombie & Fitch Company Profile

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.