Stock Buyback Program Announced by Axcelis Technologies (ACLS)

Axcelis Technologies (NASDAQ:ACLS) declared that its board has approved a stock buyback program, which authorizes the company to buyback $35.00 million in shares on Monday, January 14th. This buyback authorization authorizes the semiconductor company to reacquire up to 5.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

ACLS has been the subject of several analyst reports. BidaskClub downgraded Axcelis Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. B. Riley downgraded Axcelis Technologies from a “buy” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $20.00 in a research report on Monday, October 29th. Benchmark downgraded Axcelis Technologies from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Zacks Investment Research downgraded Axcelis Technologies from a “hold” rating to a “sell” rating in a research report on Monday, November 5th. Finally, ValuEngine upgraded Axcelis Technologies from a “strong sell” rating to a “sell” rating in a research report on Wednesday, November 7th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Axcelis Technologies presently has a consensus rating of “Hold” and a consensus price target of $27.00.

Axcelis Technologies stock opened at $19.26 on Thursday. The company has a market cap of $600.27 million, a P/E ratio of 13.01 and a beta of 1.03. Axcelis Technologies has a one year low of $15.46 and a one year high of $31.00.

Axcelis Technologies (NASDAQ:ACLS) last posted its earnings results on Thursday, November 1st. The semiconductor company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.05. Axcelis Technologies had a return on equity of 13.86% and a net margin of 28.48%. The business had revenue of $95.40 million during the quarter, compared to the consensus estimate of $97.82 million. During the same quarter last year, the company earned $0.35 EPS. Axcelis Technologies’s revenue was down 8.7% on a year-over-year basis. On average, analysts forecast that Axcelis Technologies will post 1.26 earnings per share for the current fiscal year.

In other Axcelis Technologies news, Director John T. Kurtzweil sold 2,500 shares of Axcelis Technologies stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $17.61, for a total value of $44,025.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.31% of the company’s stock.

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About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips worldwide. The company offers a line of high energy, high current, and medium current implanters for various application requirements. It also provides dry strip equipment, curing systems, and thermal processing systems.

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