Ingersoll Rand Approved An Incremental $1B Increase To The Share Repurchase Authorization; Aligned With The Co's Previously Communicated Capital Allocation Strategy, Ingersoll Rand Estimates It Will Fully Utilize The Remainder Of The Existing $750M Repurchase Authorization By The End Of FY24
Portfolio Pulse from Benzinga Newsdesk
Ingersoll Rand Inc. (NYSE:IR) announced a $1 billion increase to its share repurchase authorization and expects to fully utilize its existing $750 million authorization by the end of FY24. Additionally, a regular quarterly cash dividend of $0.02 per share was declared, payable on June 6, 2024, to stockholders of record on May 16, 2024. The repurchase program may include open market purchases, privately negotiated transactions, or other methods, depending on market conditions and other factors.
April 25, 2024 | 9:08 pm
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Ingersoll Rand Inc. boosts its share repurchase authorization by $1 billion and declares a quarterly dividend of $0.02 per share, signaling strong financial health and commitment to shareholder value.
The increase in share repurchase authorization and the declaration of a regular dividend are positive signals to the market, indicating Ingersoll Rand's strong financial position and commitment to returning value to shareholders. These actions typically lead to positive investor sentiment and can result in a short-term uptick in stock price due to perceived financial health and confidence in future performance.
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