• / Free eNewsletters & Magazine
  • / My Account
Home>Newell Brands to resume stock buyback program that was suspended nearly 2 years ago

Newell Brands to resume stock buyback program that was suspended nearly 2 years ago

Newell Brands to resume stock buyback program that was suspended nearly 2 years ago

09/26/2017

Newell Brands Inc. (NWL) said Tuesday it will resume its stock repurchase program, which it had suspended in the fourth quarter of 2015. The consumer goods company, which brands include Sharpie, Marmot and Yankee Candle, said there is $256 million remaining in the original buyback program, which is effective through the end of 2017. Based on Monday's stock closing price of $40.96, the current program would allow the company to buy back 6.25 million shares, or about 1.3% of the shares outstanding. The company said it was ahead of its schedule to achieve its deleverage ratio target to 3.0 to 3.5 times in 2018. The stock, which was inactive in premarket trade, has tumbled 23% over the past three months, while the SPDR Consumer Staples Select Sector ETF (XLP) has slipped 2.5% and the S&P 500 has gained 2.4%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

09-26-17 0738ET

Copyright (c) 2017 Dow Jones & Company, Inc.

1

©2017 Morningstar Advisor. All right reserved.