- Patrick Industries Inc (NASDAQ:PATK) Board of Directors authorized an increase in the current stock repurchase program to $100.0 million.
- The buyback program also includes $38.2 million remaining under the previous authorization.
- The share repurchase under the increased approval will take place over the next 24 months.
- “The decision to increase our share repurchase authorization combined with the recent increase in our quarterly dividend reflects our confidence in our capital allocation strategy and ability to generate free cash flow,” said CEO Andy Nemeth.
- The company held $53.3 million in cash and equivalents as of September 25, 2022.
- Price Action: PATK shares are trading higher by 7.16% at $62.37 on the last check Wednesday.
- Photo Via Company
Market Volatility Increases Following Powell’s Comments
U.S. stocks ended a volatile session lower on Wednesday after the Federal Reserve increased interest rates by 75 basis points at its recent meeting.
Stocks initially surged following the rate decision, but moved lower after Fed Chairman Jerome Powell said it’s very premature to think about pausing rate hikes.
