Stock Repurchase Program Declared by Axcelis Technologies (NASDAQ:ACLS) Board of Directors

Axcelis Technologies (NASDAQ:ACLS) declared that its Board of Directors has authorized a stock repurchase program on Wednesday, March 12th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 5.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Axcelis Technologies Stock Performance

Shares of ACLS opened at $58.47 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.05 and a current ratio of 5.41. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 4.52 and a beta of 1.62. The company’s 50 day simple moving average is $64.98 and its 200 day simple moving average is $79.84. Axcelis Technologies has a 1 year low of $53.67 and a 1 year high of $158.61.

Axcelis Technologies (NASDAQ:ACLS) last announced its quarterly earnings data on Monday, February 10th. The semiconductor company reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.29. Axcelis Technologies had a net margin of 19.75% and a return on equity of 21.02%. On average, sell-side analysts predict that Axcelis Technologies will post 2.55 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on ACLS shares. Craig Hallum lowered their target price on shares of Axcelis Technologies from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. William Blair lowered shares of Axcelis Technologies from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Axcelis Technologies in a research report on Wednesday, February 12th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $154.00.

About Axcelis Technologies

Axcelis Technologies, Inc designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia Pacific. The company offers high energy, high current, and medium current implanters for various application requirements.