CACI International Inc.
) declared that it has started repurchasing shares of its common
stock under its 4 million buy back program. The company has
successfully bought back 1.3 million shares at an average price of
$50.56 per share till now under this authorization.
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The company averred that it intends to complete the share
repurchase program currently initiated within the coming two
months. This CACI International is implementing the scheme under
Rule 10(b) - 18 and also in accordance with Rule 10b (5)-1 of the
Securities Exchange Act of 1934 (Exchange Act).
CACI International's Chairman, Dr. J.P. (Jack) London expressed his
alacrity with regard to the venture. He believes that the strong
pedestal from which the company now commands displaying its
leadership skills, pursuing its long-term goals, strategic intent
and flourishing growth prospects has induced the Board to engage in
such buy-back activities to escalate the company's stock value
Cash investments made for share repurchase is not a new decision
for CACI International. During the first nine months of its fiscal
2012, the company spent nearly $209.7 million for buying back
shares of its common stock from the market. Such advances to
increase shareholder value in the industry make the company's stock
quite attractive in the market today.
Returning optimum value to shareholders is not a singular trait
pertaining to CACI International in the industry. On May 1, 2012,
) reported its first quarter results of 2012, whereby it had spent
nearly $2.95 million on share repurchase activities during the
quarter. Hence, the company should take note of such similar
advances made by peers around.
The company currently retains a Zacks #3 Rank, which translates
into a short-term 'Hold' rating. However, we presently maintain our
'Neutral' recommendation on the stock.