In an effort to enhance its shareholder value, the board of
) extended its share buyback program by $350 million.
The shares gained 0.5% to close at 34.88 per share on Dec 4
following the announcement of approval of the repurchase program.
The current program replaces the earlier one that has $116.2
million remaining under its authorization. In the first nine
months CoreLogic repurchased about 5 million shares for $133.6
million. In July this year, CoreLogic eyes repurchase of atleast
8 million shares in 2013.
CoreLogic's earlier share repurchase program was approved in Dec
2012, wherein the company was authorized to buyback shares worth
$250 million. CoreLogic's continued share repurchase activity
reflects its strong financial position. A sustained solid
operational performance continues to cushion the company's sturdy
Share repurchases benefit the company's earnings per share, book
value as well as shareholder equity, as the buyback activity
lowers share count. Meanwhile, CoreLogic continues to concentrate
on enhancing its core line business growth and operating income.
The company delivered three straight quarters of positive
earnings surprise with an average of 13.2%.
However, no earnings momentum has been witnessed over the last 7
days. As a result, the Zacks Consensus Estimate for 2013 and 2014
remained at $1.71 and $1.84 per share, respectively.
Nevertheless, we expect that the news of the new buyback
authorization will encourage analysts to pull up their estimates.
CoreLogic presently sports a Zacks Rank #1 (Strong Buy). Other
stocks also worth considering in the consulting industry include
FTI Consulting Inc.
Towers Watson & Co.
). All these stocks carry the same Zacks Rank as CoreLogic.
CORELOGIC INC (CLGX): Free Stock Analysis
FTI CONSULTING (FCN): Free Stock Analysis
STANTEC INC (STN): Free Stock Analysis Report
TOWERS WATSON (TW): Free Stock Analysis
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