Dana Inc (DAN) said on Thursday that the extension of its share repurchase program through December 31st 2021 had been authorized by the Board of Directors.
Shares of Dana Inc closed higher for a second consecutive trading session in New York on Thursday. It has also been the sharpest daily surge since November 1st. The stock went up 5.11% ($0.92) to $18.91, after touching an intraday high at $18.99, or a price level not seen since July 31st ($19.12).
Shares of Dana Inc have risen 38.74% so far this year, following a 57.42% drop in 2018.
Under the program, the company had $150 million available as of September 30th.
Dana said it expected shares to be bought back in the open market or via privately negotiated transactions. The company also expects its free cash flow and liquidity to be sufficient during the envisaged period to support such an initiative.
Analyst stock price forecast and recommendation
According to CNN Money, the 10 analysts, offering 12-month forecasts regarding Dana Inc’s stock price, have a median target of $20.00, with a high estimate of $23.00 and a low estimate of $14.00. The median estimate represents a 5.76% upside compared to the closing price of $18.91 on December 12th.
The same media also reported that at least 8 out of 10 surveyed investment analysts had rated Dana Inc’s stock as “Buy”, while 2 – as “Hold”.
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