L.B. Foster (NASDAQ:FSTR) Board Announces Share Buyback Program

L.B. Foster (NASDAQ:FSTR) announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 4th, RTT News reports. The company plans to buyback $40.00 million in shares. This buyback authorization authorizes the basic materials company to reacquire up to 16.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

L.B. Foster Price Performance

Shares of NASDAQ:FSTR opened at $21.61 on Friday. The firm has a 50 day moving average of $27.10 and a 200-day moving average of $24.02. The stock has a market capitalization of $234.04 million, a PE ratio of 5.56 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. L.B. Foster has a 12 month low of $14.23 and a 12 month high of $30.77.

Analyst Ratings Changes

Several analysts have weighed in on FSTR shares. StockNews.com cut shares of L.B. Foster from a “strong-buy” rating to a “buy” rating in a research note on Thursday. B. Riley lifted their price objective on shares of L.B. Foster from $21.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th.

L.B. Foster Company Profile

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.