Patrick Industries Inc. announced today (Jan. 30) that its board of directors has approved a new stock repurchase program that authorizes the repurchase of up to $50 million of the company’s common stock over the next 24 months. According to a release, share repurchases will be made from time to time through open market transactions at prevailing market prices, or in privately negotiated transactions or otherwise.
“We continue to evaluate share repurchases in alignment with our focused capital allocation strategy and this authorization reflects the confidence that our board of directors and management team have in Patrick’s outlook and our commitment to driving shareholder value,” said CEO Todd M. Cleveland.
The timing and amount of purchases under the program are discretionary and will be determined by management and the board based upon market and business conditions, stock price and other factors. The repurchase of any shares under the new stock repurchase program will be subject to restrictions under insider trading laws and the company’s self-imposed blackout periods, as well as the timing of the release of Patrick’s financial results for the year ended Dec. 31 and subsequent fiscal periods.
The company’s previous stock repurchase program, which was originally announced in January 2016 and authorized repurchases of up to $50 million over a 24-month period, expired in January 2018. Patrick repurchased in the aggregate 75,153 shares at an average price of $31.25 per share for a total cost of approximately $2.35 million.