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

Axcelis Technologies (NASDAQ:ACLS) declared that its Board of Directors has approved a share buyback plan on Wednesday, March 12th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 5.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Axcelis Technologies Price Performance

ACLS opened at $58.47 on Friday. The company has a fifty day simple moving average of $64.98 and a 200 day simple moving average of $79.84. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 4.52 and a beta of 1.62. Axcelis Technologies has a twelve month low of $53.67 and a twelve month high of $158.61. The company has a current ratio of 5.41, a quick ratio of 4.05 and a debt-to-equity ratio of 0.04.

Axcelis Technologies (NASDAQ:ACLS) last released its quarterly earnings results on Monday, February 10th. The semiconductor company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.29. Axcelis Technologies had a net margin of 19.75% and a return on equity of 21.02%. Equities research analysts expect that Axcelis Technologies will post 2.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ACLS has been the topic of a number of research reports. William Blair downgraded shares of Axcelis Technologies from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 12th. Needham & Company LLC reissued a “hold” rating on shares of Axcelis Technologies in a research note on Wednesday, February 12th. Finally, Craig Hallum cut 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 note on Wednesday, January 15th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Axcelis Technologies currently has a consensus rating of “Hold” and a consensus target price of $154.00.

Axcelis Technologies Company Profile

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.