Discover last week's biggest stock buybacks - April 24
May 2, 2023
Coursera, Inc. (COUR -4.48%) recently authorized a share repurchase program, allowing for the repurchase of up to $95 million of the company's common stock. This strategic move aims to counterbalance the dilution caused by employee stock issuances granted in 2022, which were intended to attract, retain, and motivate key talent. The Board of Directors and Management expressed their confidence in Coursera's business and their commitment to shareholder equity. The share repurchase program was formulated based on market analysis by an independent third party advisor, benchmarking the gross dilution rate of companies in their first year after an initial public offering. Coursera's capital allocation strategy prioritizes long-term growth, while also considering business, economic, and market conditions. Coursera may repurchase shares through various means, such as open market purchases, privately negotiated transactions, or trading plans. The share repurchase program is subject to suspension or discontinuation and does not impose any obligation on Coursera to acquire a specific amount of common stock. Coursera intends to utilize its existing cash and cash equivalents to fund the repurchases.
GEE Group Inc. (JOB), a leading provider of professional staffing services and human resource solutions, recently announced the approval of a share repurchase program. GEE Group's Board of Directors has authorized the repurchase of up to $20 million worth of its outstanding shares of common stock. According to Derek Dewan, Chairman and CEO of GEE Group, this move reflects their commitment to balancing capital deployment for long-term, profitable, organic growth and strategic acquisitions. The program, funded by operating cash flow and cash on hand, will allow GEE Group to opportunistically buy back stock, which they believe is undervalued and represents an attractive investment opportunity. The share repurchase program will be executed through open market purchases and will be influenced by various factors, including market conditions and regulatory requirements. It is scheduled to continue until December 31, 2023, and may be suspended or discontinued at any time.
Startek, Inc., a global customer experience solutions provider, recently announced a revised repayment schedule for its senior debt facility and a reduction in its revolving credit facility. In light of the favorable cash flow generated from strategic divestitures, Startek has significantly deleveraged its balance sheet, with 60% of its debt repaid in the first four months of 2023. This move is expected to lower Startek's interest cost burden and improve overall financial health. Startek's board of directors has also authorized a share repurchase program of $20 million, as they believe the company's shares present an attractive investment opportunity at the current price. The timing and extent of the repurchases will depend on various factors, including market conditions and regulatory requirements. By utilizing the repurchase program, Startek aims to execute its strategic roadmap, enhance its brand identity, and deliver long-term value to shareholders.
Matson, Inc., a prominent U.S. carrier in the Pacific, recently announced the expansion of their existing share repurchase program by three million shares, bringing the total to twelve million shares, which will run until December 31, 2025. This decision follows the authorization of approximately 8.3 million shares repurchased since August 2021, amounting to nearly $650 million. Matson’s Chairman and CEO, Matt Cox, expressed their commitment to disciplined and opportunistic capital allocation, with a focus on returning excess cash to shareholders to enhance long-term shareholder value. Matson intends to repurchase shares through open market transactions, considering factors such as the business's capital needs, market share price, and general market conditions. Matson also has the option to utilize Rule 10b5-1 plans to facilitate purchases under the program. It is important to note that the share repurchase program remains subject to potential suspension or discontinuation at any time. In addition to this announcement, Matson's Board of Directors declared a second quarter dividend of $0.31 per common share, to be paid on June 1, 2023, to shareholders of record as of May 11, 2023.
Archrock, Inc. (AROC), a leading provider of natural gas compression services, recently authorized a $50 million share repurchase program ("2023 Share Repurchase Program"). This decision aligns with Archrock's commitment to enhance shareholder returns and supplement its compelling quarterly dividend of $0.15 per share. Brad Childers, Archrock's President and CEO, cited the favorable compression market fundamentals and the company's strong financial outlook as the driving factors behind this move. The authorization provides Archrock with the flexibility to capitalize on any market dislocation while maintaining a leverage ratio below 4.0 times. With projected earnings power and cash flow growth, Archrock aims to create and return value to its shareholders. The specifics of the share repurchases, including timing and quantity, will be determined by Archrock in accordance with applicable securities laws until April 27, 2024.
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