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ACM

Aecom

$34.94

-0.06 (-0.17%)

16:54
09/21/17
09/21
16:54
09/21/17
16:54

Aecom announces capital allocation policy and $1B stock repurchase authorization

Aecom announced a formalized capital allocation policy that provides specificity on intended future uses of capital, including the authorization by the company's board of a new $1B stock repurchase program. Aecom will be allocating substantially all free cash flow to debt reduction until achieving net debt-to-EBITDA of 2.5x, which is expected to occur by the end of FY18. Upon achievement of 2.5x net leverage, the company intends to return substantially all free cash flow to investors through the new $1B stock repurchase authorization as part of the longer-term capital allocation framework. Acquisitions are expected to be limited to strategic, niche targets that will not adversely impact the company's 2.5x net leverage target. Additional details of the company's capital allocation policy will be provided on its Q4 earnings conference call and at its annual Investor Day in December.

ACM Aecom
$34.94

-0.06 (-0.17%)

08/17/17
SBSH
08/17/17
NO CHANGE
Target $40
SBSH
Buy
Aecom is slowly gaining momentum, says Citi
After hosting meetings with management, Citi analyst Andrew Kaplowitz continues to believe Aecom "offers improving growth potential at a discounted valuation." The Q2 results "hinted" at the company's potential with strong free cash flow, Kaplowitz tells investors in a research note titled "ACM Slowly Gaining Momentum." The analyst keeps a Buy rating on the shares with a $40 price target.
07/24/17
FBCO
07/24/17
DOWNGRADE
Target $37
FBCO
Neutral
Aecom downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Jamie Cook downgraded Aecom to Neutral and lowered its price target to $37 from $44 due to valuation and full expectations, and said the restructuring story has played out. Cook said the Trump infrastructure story has been pushed out and the Street is given Aecom full credit for its longer-term earnings growth goal of 10%, which provides little room for upside.
06/29/17
FBCO
06/29/17
NO CHANGE
Target $44
FBCO
Outperform
Aecom COO change doesn't reflect operational issues, says Credit Suisse
Credit Suisse analyst Jamie Cook thinks the market will view the resignation of Stephen Kadenacy as COO at Aecom as a surprise given his recent promotion, but he does not believe it reflects any operational issues but instead is related to Kadenacy pursuing an opportunity with even greater responsibility and career advancement. Cook, who thinks replacement Randy Wotring will be a very capable COO, keeps an Outperform rating on Aecom shares.
06/26/17
UBSW
06/26/17
NO CHANGE
Target $38
UBSW
Buy
Aecom attractively valued with potential upcoming catalysts, says UBS
UBS analyst Steven Fisher believes shares of Aecom are attractively valued and sees several upcoming catalysts including the award of federal contracts, a ramp on higher margin revenues, and an acceleration of design and consulting revenue. The analyst reduced his earnings forecast to account for special items and thus reduced his price target to $38 from $43. Fisher reiterated his Buy rating on Aecom shares.

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PCRX

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CPB

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