MYR Group Inc. Announces New $75M Share Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
MYR Group Inc. (NASDAQ:MYRG) has announced a new share repurchase program, authorizing the company to repurchase up to $75 million of its outstanding shares. The program will be funded with cash on hand and through borrowings under its credit facility. The program will expire on May 8, 2024, or when the authorized funds are exhausted. The company's prior $75 million repurchase program is scheduled to expire on November 8, 2023.
November 01, 2023 | 9:44 pm
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POSITIVE IMPACT
MYR Group's new share repurchase program could potentially increase the stock's price in the short term as it indicates the company's confidence in its own stock. However, the impact will also depend on the market's reaction to this news.
Share repurchase programs are often seen as a sign of a company's confidence in its own stock, as it believes the stock is undervalued. This can lead to an increase in the stock's price. However, the impact will also depend on how the market perceives this move.
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