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SIG

Signet Jewelers

$77.82

2.1 (2.77%)

08:31
10/05/16
10/05
08:31
10/05/16
08:31

Signet Jewelers enters into accelerated share repurchase agreement with JPMorgan

The Signet board, as previously disclosed, increased its authorized share buyback program by $625 million on August 25, 2016. In connection with today's transaction, Signet has entered into an accelerated share repurchase agreement with J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch in order to offset the convertible preferred share dilution. Key features of the ASR, which will be funded by the proceeds of the preferred share issuance, are as follows: Signet will repurchase its common shares at an aggregate purchase price of $525 million. The total number of common shares to be purchased ultimately by Signet under the ASR will generally be based on the average of the daily volume-weighted average prices of Signet's common shares during the term of the ASR minus a discount. Signet may receive, or be required to pay, a future price adjustment upon final settlement of the ASR. The price adjustment may be settled in cash or Signet's common shares. The ASR is expected to be completed over approximately three months. The balance of the authorized share repurchases, representing an amount of $100 million, were made by the company on the open market at various points prior to transaction close to offset dilution. Signet's share repurchase activity is expected to result in an EPS-neutral financial transaction. Advisory and consulting fees incurred in connection with the preferred securities were approximately $13 million.

SIG Signet Jewelers
$77.82

2.1 (2.77%)

09/28/16
LYON
09/28/16
INITIATION
LYON
Outperform
Signet Jewelers initiated with an Outperform at CLSA
CLSA analyst Rick Patel initiated Signet Jewelers with an Outperform rating and a $87 price target.
09/13/16
09/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Neutral at Macquarie with analyst Tim Nollen saying market penetration could be limited given new streaming video on demand competitors and local operator's streaming efforts. 2. Intuit (INTU) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Keith Weiss citing full valuation. 3. Applied Genetic (AGTC) downgraded to Market Perform from Outperform at Wells Fargo, to Sell from Buy at Janney Capital, to Hold from Buy at Cantor, and to Neutral from Buy at Roth Capital. 4. Signet Jewelers (SIG) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he believes shares will be range bound despite the stock's cheap valuation. 5. Red Robin (RRGB) downgraded to Underperform from Buy at BofA/Merrill with the firm citing the difficult casual dining environment, lack of near-term catalysts, and risk to third quarter earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/13/16
COWN
09/13/16
DOWNGRADE
Target $85
COWN
Market Perform
Signet Jewelers downgraded to Market Perform at Cowen
As reported previously, Cowen analyst Oliver Chen downgraded Signet Jewelers to Market Perform from Outperform, as he believes shares will be range bound despite the stock's cheap valuation. Chen cited industry traffic/volatility trends, credit sale uncertainty, and Q4 risk/reward. Chen lowered his price target to $85 from $96 on Signet Jewelers shares.
09/13/16
COWN
09/13/16
DOWNGRADE
COWN
Market Perform
Signet Jewelers downgraded to Market Perform from Outperform at Cowen

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