Patrick Industries Inc. announced today (May 18) that its board of directors approved an increase in the amount of the company’s common stock that may be acquired over the next 24 months under the its current stock repurchase program to $50 million, including the amount remaining under the previous authorization.
As previously announced in January 2018, the board authorized repurchases of up to $50 million over a 24-month period, according to a press release. Year-to-date through May 17, the Patrick has repurchased, in the aggregate, 747,995 shares at an average price of $57.63 per share for a total cost of approximately $43.1 million under the 2018 repurchase plan. Share repurchases will be made from time to time through open market transactions at prevailing market prices, or in privately negotiated transactions or otherwise.
“The increase in our stock repurchase authorization reflects the confidence that our board of directors and management team have in Patrick’s outlook and market conditions, and is consistent with our capital allocation strategy and our commitment to driving shareholder value,” said CEO Todd M. Cleveland.