Smith & Wesson Expands Share Buybacks
Smith & Wesson Holding hopes to boost the value of its common stock by extending its share repurchase program. The company's board has authorized a fresh round of buybacks for up to $15 million worth of its common stock. This follows the closing of its previously authorized $100 million initiative.
Under the expired program, the firm bought 9 million shares at an average price of $11.09 apiece.
The new buybacks will be effected via open market or privately negotiated purchases. The shares purchased are to be held by the company as treasury stock.
Currently, Smith & Wesson has nearly 62.7 million shares outstanding. Its stock trades at $11.09 per share.
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