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The Winnebago Industries Inc. Board of Directors authorized on Wednesday (June 19) the repurchase of up to $15 million worth of the company’s stock in order to enhance shareholder value, according to Bruce Hertzke, chairman, president and CEO.
Winnebago shares closed Wednesday at $46.58 in New York Stock Exchange trading.
The motorhome manufacturer announced the stock repurchase program and it disclosed record third fiscal quarter sales and earnings after the stock market closed Wednesday.
Currently, there are 18.76 million Winnebago shares outstanding.
The latest stock buy-back program is Winnebago’s seventh in the last five years. On April 8, it completed the repurchase of 2.1 million shares from Hanson Capital Partners LLC for $77.7 million. Hanson Capital Partners is owned and controlled by the family of the late John K. Hanson, Winnebago’s founder.
Since the initial stock buy-back program was announced in December 1997, Winnebago has repurchased 7.98 million of its shares for a total of $149.5 million.