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What Happened in the Chemical Sector Last Week?

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Part 2
What Happened in the Chemical Sector Last Week? PART 2 OF 2

HB Fuller Board Approves $200 Million Share Repurchase Program

HB Fuller’s new share repurchase program

On April 6, 2017, HB Fuller (FUL) announced a new share repurchase program. FUL’s board of directors approved a share repurchase program of up to $200 million of the company’s outstanding common shares over five years. The new share repurchase program will replace FUL’s previous share repurchase authorization that was approved in September 2010.

HB Fuller Board Approves $200 Million Share Repurchase Program

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The new share repurchase program will allow FUL to buy the ordinary shares from the market within the five-year window. However, the program can be modified at any time without prior notice.

HB Fuller stock performance

On April 7, 2017, FUL closed at $50.66, falling 1.7% for the week. Despite this loss, it was trading 2.4% above its 100-day moving average of $49.45, indicating an upward trend. Analysts expect FUL’s 12-month target price to be $54.50, which implies a potential return of 7.6% from the closing price of $50.66 on April 7, 2017. On a year-to-date basis, the stock has risen 4.9%.

Its 14-day RSI (relative strength index) of 50 indicates that the stock is neither overbought nor oversold. An RSI of 70 and above indicates that a stock is overbought, while an RSI of 30 and below indicates that a stock is oversold.

The PowerShares DWA Basic Materials Momentum ETF (PYZ), which holds 1.6% in FUL as of April 7, 2017, outperformed FUL with a gain of 0.3% for the week to close at $62.01. The top holdings of the fund include Chemours (CC), FMC (FMC), and International Paper (IP) with weights of 4.9%, 5.0%, and 4.4%, respectively.

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