Sterling Board Authorizes $200M Stock Repurchase Program
Portfolio Pulse from Benzinga Newsdesk
Sterling Construction Company, Inc. (STRL) has announced that its Board of Directors has authorized a new stock repurchase program. Under this program, the company is allowed to repurchase up to $200 million of its outstanding common stock. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions, and applicable legal requirements.
December 05, 2023 | 9:11 pm
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Sterling Construction Company, Inc.'s new $200 million stock repurchase program reflects a potential increase in shareholder value and could lead to a rise in the stock price in the short term.
Stock repurchase programs are typically viewed positively by the market as they often indicate that the company believes its stock is undervalued and that it is confident in its financial position. The repurchase of shares can also lead to a reduction in the number of outstanding shares, potentially increasing earnings per share and the stock price in the short term.
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