Moog Adds Four Million Shares to Buyback Plan

After the bell, Moog (MOG-A) said they’re adding four million shares to their existing share buyback program.

The original plan was to buy back nine million shares. So far, they’ve bought back 8.3 million.

After giving effect to the increase in authority, the Company will be able to acquire an aggregate of 4.7 million shares of its Class A and Class B common stock at management’s discretion. The timing of repurchases will depend upon several factors, including various debt covenants, market and business conditions. The Company does not expect the pace of purchases to match that of the previous 18 months, in part due to compliance requirements with financial covenants included in its debt agreements. The program may be discontinued at any time.

“Our cash flow has been strong over the last few years,” said John Scannell, Chairman and CEO. “This has afforded us the opportunity to return nearly $600 million of value to our shareholders in the form of a share repurchase program that we initiated in early 2014. We are pleased to have the flexibility to continue this program.”

On Friday, the stock got down to $64.28 per share. That’s the lowest price since April 25, 2014.

Posted by on August 11th, 2015 at 8:48 pm


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