Werner Enterprises (WERN) revealed that its Board of directors has approved a new common stock repurchase program and declared a common stock cash dividend. The company engages in the provision of logistics services.
The company recently announced a share repurchase program of up to $6 million. The new program replaces the previous stock repurchase authorization, which had about 1.5 million shares available for repurchase.
The buyback plan will be carried out from time to time depending on the market, economic and other factors. Also, the plan can be withdrawn on the Board’s decision. (See Werner stock chart on TipRanks)
Meanwhile, the company has declared a regular quarterly cash dividend of $0.12 per share. The dividend will be payable on January 18, 2022, to shareholders of record at the close of business on January 3, 2022.
Recently, Deutsche Bank analyst Amit Mehrotra maintained a Buy rating on the stock and lowered the price target to $62 (upside potential of 31.8%) from $64.
Consensus among analysts is a Hold based on 3 Buys, 4 Holds and 2 Sells. The average Werner price target stands at $49 and implies upside potential of 4.1% to current levels.
According to TipRanks’ Smart Score system, Werner gets a 5 out of 10, which indicates that the stock is likely to perform in line with market averages.