Shares of apparel and accessories provider Guess? (NYSE:GES) rose by nearly 5% in the morning session today after the company announced a new share buyback program worth up to $200 million.
Today’s stock buyback approval follows a special dividend of $2.25 per share from the company last month. Carlos Alberini, the CEO of Guess?, noted that capital returns to its shareholders is a top priority for the company, and that Guess? is committed to driving value for investors. The company’s special dividend is payable on May 3 to shareholders of record on April 17.
Separately, the company also announced the repurchase of nearly 326,000 shares for nearly $10.3 million. The repurchase is associated with a convertible bond exchange transaction.
What Is the Price Target for GES Stock?
With today’s price gains, GES shares have now rallied by nearly 67% over the past year. Overall, the Street has a Hold consensus rating on Guess? alongside an average GES price target of $29.25. The stock is currently trading at a reasonably priced price-to-earnings multiple of 10.2.
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