NEW YORK (TheStreet) -- Toyota Motor Corp. (TM) finished the day up 1.0% to $111.59 on Thursday. The Japanese automaker's stock climbed after it announced a proposal to buy back 60 million shares worth $3.5 billion by June.
The buyback will be Toyota's largest since 2003 and its first since since 2008.
Toyota said that it will sell 30 million shares to Japan Trustee Service Bank for 1 yen per share and would cancel the other 30 million shares. "We want to reward our shareholders through this buyback and cancellation," the company said.
Must Read: Warren Buffett's 10 Favorite Stocks
TheStreet Ratings team rates TOYOTA MOTOR CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TOYOTA MOTOR CORP (TM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: