Discover last week's biggest stock buybacks, June 19
Buybacks
June 28, 2023
Overseas Shipholding Group, Inc. (OSG) recently announced that its Board of Directors has authorized a $10 million increase to its stock repurchase program, bringing the total value of the program to $20 million. The decision to authorize the stock buyback stems from OSG's ongoing evaluation of opportunities for the use of its available cash, as well as its commitment to representing the interests of its stockholders. The program allows Overseas Shipholding Group to repurchase shares through open market or privately negotiated transactions, with the timing and amounts based on market conditions and other factors. OSG intends to fund the share repurchase program using its excess cash.
HireRight Holdings Corporation, a provider of background screening services, recently announced the authorization of an additional $25 million share repurchase program. This decision by the Board of Directors reflects HireRight Holdings's commitment to enhancing shareholder value. The repurchase program allows for the discretionary acquisition of common stock through various means, such as open market repurchases or privately negotiated transactions. Factors influencing the timing and volume of shares repurchased include stock price, trading volume, market conditions, and overall business considerations. The program can be adjusted, paused, or terminated at any time. HireRight plans to finance these repurchases using its existing cash reserves of approximately $82.2 million as of June 20, 2023. It's important to note that this latest program follows a previously completed $100 million share repurchase initiative, which saw HireRight Holdings repurchasing 9.3 million shares at an estimated average price of $10.80 between November 2022 and June 2023.
Logitech International, a technology company, has recently authorized a three-year share buyback program, allowing them to repurchase their shares using up to $1 billion. This move highlights Logitech's commitment to returning cash to its shareholders. The share buyback program is set to commence in July 2023, pending approval from the Swiss Takeover Board and the expiration of Logitech's previous share buyback program from 2020. Additionally, Logitech's board of directors recently approved a proposal for an increased cash dividend for Fiscal Year 2023, subject to shareholder approval at the upcoming 2023 Annual General Meeting.
Chico's FAS, Inc. (CHS), a retail company, has recently authorized a new share repurchase program to demonstrate its commitment to delivering value to shareholders. The Board of Directors has approved a program that allows the repurchase of up to $100 million of Chico's FAS's common stock, while canceling the remaining balance of its previous $300 million share repurchase program announced in 2015. This decision reflects Chico's FAS's confidence in its financial position and prospects for future growth. The program enables Chico's FAS to repurchase shares through various channels, including open market transactions, privately negotiated deals, and block transactions, among others, as permitted by the Exchange Act. The timing and quantity of shares repurchased will be determined based on market conditions, legal requirements, and other relevant factors. It's important to note that the program does not impose an obligation on Chico's FAS to buy any shares and can be adjusted or terminated at the discretion of the Board.
Spectrum Brands Holdings, Inc. (SPB), a global consumer products and home essentials company, has recently closed the sale of its Hardware and Home Improvement business to ASSA ABLOY for $4.3 billion in cash. This transaction provides significant liquidity and financial strength, allowing Spectrum Brands to reduce its indebtedness by approximately $1.6 billion and fund strategic objectives, including opportunistic M&A activities. In line with its commitment to delivering value to stockholders, Spectrum Brands Holdings's Board of Directors has authorized a new stock repurchase program, allowing the purchase of up to $1 billion of common stock. Additionally, Spectrum Brands Holdings plans to invest in long-term operating performance, free cash flow generation, employee development, marketing, advertising, innovation, and IT infrastructure. These initiatives position Spectrum Brands for growth as a focused Global Pet Care and Home & Garden company, with substantial upside potential and a net cash position expected by the end of fiscal year 2023.
All data was sourced from LevelFields AI
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