Outdoor financials: Garmin adopts special share purchase plan, plus Outdoor Channel, Under Armour
Garmin adopted a special share purchase plan, Outdoor Channel Holdings said its chief financial officer has resigned for personal reasons, and FBR Capital downgraded Under Armour's status from "outperform" to "market perform."
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Garmin adopts special share purchase plan
Garmin (Nasdaq: GRMN) said it has adopted a share buyback plan that allows purchases during periods that might have otherwise been prevented by insider trading laws of self-imposed blackout periods.
The company said it was adopting the plan under rule 10b5-1 in connection with the $300 million share repurchase approved by its board on Feb. 12. The plan calls for Garmin to select a broker who will have the authority to buy back shares within certain price ranges, which the company didn’t specify. It added that there are no guarantees any shares will be repurchased under the plan.
Outdoor Channel CFO resigns
Outdoor Channel Holdings (Nasdaq: OUTD) said its chief financial officer has resigned for personal reasons.
The company said Shad Burke will serve as a consultant and adviser through March 18, 2011, and help in the transition to a new CFO.
Until a successor is named, Doug Langston, the company’s chief accounting officer, will serve as the company’s principal financial officer.
Under Armour downgraded by FBR Capital
An analyst with FBR Capital Markets said Under Armour (NYSE: UA) has room to grow but its shares are unlikely to move higher any time soon after a growth spurt in the company’s share price.
Since the beginning of February, the stock has risen about 21 percent – making it “fairly valued,” wrote FBR Capital Markets analyst Eric Tracy in a client note. He lowered his rating to a “market perform” from “outperform.”
“We continue to believe Under Armour has meaningful room to grow domestically (and internationally longer term),” he wrote, but the company’s share price “largely captures Under Armour’s positive longer-term growth characteristics, prompting us to move to the sidelines.”
He added that he could raise the rating if shares pull back or more becomes clear about 2011.
–Compiled by Wendy Geister
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