Diesel pusher motorhome chassis supplier Spartan Motors Inc. has completed the repurchase of 2 million shares, or 16%, of its stock.
The open market buyback of 770,000 shares during November and December of last year resulted in the company reaching its goal of 2 million shares repurchased. The 770,000 shares were repurchased at an average price of $2.54 each. As of Monday afternoon (Jan. 22) Spartan stock was trading around $2.19 a share.
Spartan had a little over 10.5 million shares outstanding as of last Dec. 31.
The Spartan board launched the stock buyback program because it felt its stock was undervalued by investors, and, thus, priced too low on the market, according to John Sztykiel, president and COO.