Arrow announces $50M stock repurchase plan
Stock buyback Credit: Shutterstock.com
Melville-based Arrow Electronics Inc. said Monday that it plans to buy back up to $50 million of its common stock.
The company said it will do so "to offset the dilution from the common stock issued in accordance with equity-based compensation plans."
The company's board has approved of the buyback, allowing management to repurchase stock "as market and business conditions warrant."
With a market capitalization of $4.57 billion, Arrow trades an average 900,000 shares a day. It opened Monday at $39.71.
Founded in 1935, it has 12,700 full-time employees, according to its Yahoo business summary.
Arrow supplies wholesale electronics for about 900 suppliers and 125,000 original equipment makers, contract manufacturers and commercial customers.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
