Intrawest Resorts Holdings Inc (NYSE:SNOW) Stock Up on Interesting Share Buy-back Program


Shares of Intrawest Resorts Holdings Inc (NYSE:SNOW) are up big this morning after the company announced an interesting share buy-back program in which up to $50 million in shares of common stock will be purchased via a modified “Dutch Auction” format. This means that shares of Intrawest Resorts Holdings Inc (NYSE:SNOW) will be purchased for no less than $9 and no greater than $10.

Because the stock closed at $7.03 yesterday, this is an interesting move in that it represents an almost $2.00 share increase at minimum and $2.97 increase at the maximum.

This interesting tender offer will run until February 10, 2016 unless it is extended.

From a total of 2 analysts covering Intrawest Resorts Holdings (NYSE:SNOW) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $13 while the lowest target price is $12. The mean of all analyst targets is $13 which is 45.58% above today’s ($8.93) stock price. Intrawest Resorts Holdings was the topic of 3 analyst reports since July 27, 2015 according to the firm StockzIntelligence Inc. Macquarie Research upgraded shares on September 10 to a “Outperform” rating.

The institutional sentiment decreased to 1.09 in Q2 2015. It’s down 2.39, from 3.48 in 2015Q2. The ratio worsened, as 16 funds sold all their Intrawest Resorts Holdings Inc shares they owned while 29 reduced their positions. 12 funds bought stakes while 37 increased their total positions. Institutions now own 43.94 million shares which is 49.74% less than the previous share count of 87.42 million in 2015Q2.

Fortress Investment Group Llc holds 3.58% of its total portfolio in Intrawest Resorts Holdings Inc, equating to 27.04 million shares. Pacific Alternative Asset Management Company Llc owns 251,671 shares representing 1.1% of their total US portfolio. Moreover, Granite Investment Partners Llc has 0.51% of their total portfolio invested in the company, equating to 612,102 shares. The Illinois-based Keeley Asset Management Corp has a total of 0.4% of their portfolio invested in the stock. Hodges Capital Management Inc., a Texas-based fund reported 1.07 million shares owned.

Intrawest Resorts Holdings, Inc. is a mountain resort, adventure and real estate company. The company has a market cap of $404.67 million. The Firm operates through three divisions: Mountain, Adventure and Real Estate. It currently has negative earnings. The Mountain segment includes its mountain resort and lodging activities at Steamboat, Winter Park, Tremblant, Stratton, Snowshoe and Blue Mountain.