Stock Repurchase Plan Authorized by Kimball Electronics (KE) Board of Directors

Kimball Electronics (NASDAQ:KE) announced that its board has initiated a stock buyback program, which authorizes the company to repurchase $20.00 million in outstanding shares on Thursday, August 24th, EventVestor reports. This repurchase authorization authorizes the electronics maker to repurchase up to 42% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Shares of Kimball Electronics (NASDAQ:KE) opened at 18.60 on Friday. The company has a 50 day moving average of $18.92 and a 200-day moving average of $17.40. The company has a market cap of $501.40 million, a price-to-earnings ratio of 15.00 and a beta of 0.97. Kimball Electronics has a 52 week low of $11.54 and a 52 week high of $20.30.

Kimball Electronics (NASDAQ:KE) last released its quarterly earnings results on Wednesday, August 2nd. The electronics maker reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.04. The business had revenue of $241.27 million during the quarter. Kimball Electronics had a return on equity of 9.32% and a net margin of 3.67%. On average, equities research analysts expect that Kimball Electronics will post $0.93 earnings per share for the current fiscal year.

Separately, BidaskClub cut shares of Kimball Electronics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th.

About Kimball Electronics

Kimball Electronics, Inc (Kimball Electronics) is an electronics manufacturing services (EMS) company. The Company is engaged in producing electronics for the automotive, medical, industrial and public safety markets. It provides design, engineering, manufacturing, packaging and distribution of electronic assemblies and circuit boards on a contract basis to a range of industries.