In a bid to enhance shareholders' value,
Dana Holding Corporation
) recently increased the share repurchase program to $1 billion.
With this, the company effectively enhanced the share repurchase
program by $900 million as $100 million is already utilized for
The company will buy back shares either in open market or through
private negotiated transactions in the coming two years subject
to prevailing market conditions and other considerations.
Dana expects its strong liquidity will support this initiative.
Dana had cash and cash equivalents of $981.0 million as of Mar
31, 2013, compared with $773.0 million as of Mar 31, 2012. Total
debt was $923.0 million as of Mar 31, 2013, lower than $935.0
million as of Mar 31, 2012.
In addition, Dana refinanced its U.S. revolving credit facility
with a new five-year $500 million revolving credit facility. This
initiative will support the company in reducing on-going costs
and by providing financial flexibility.
In the first quarter of 2013, Dana repurchased 1.4 million shares
for $24 million under its share repurchase program. Since
the announcement of the share repurchase program worth $250
million in Oct 2012, Dana has repurchased about 3.6 million
shares for $58 million of common stock till April 23.
Maumee, Ohio-based Dana is one of the world's leading suppliers
of driveline, sealing, and thermal technologies, which improves
the efficiency and performance of passenger, commercial and
highway vehicles. Currently, Dana retains a Zacks Rank #3 (Hold)
on its stock.
Few stocks that are performing well in the industry where Dana
Magna International Inc.
Johnson Controls Inc.
). Visteon and Magna carry a Zacks Rank #1 (Strong Buy) while
Johnson Controls has a Zacks Rank #2 (Buy).
DANA HOLDING CP (DAN): Free Stock Analysis
JOHNSON CONTROL (JCI): Free Stock Analysis
MAGNA INTL CL A (MGA): Free Stock Analysis
VISTEON CORP (VC): Free Stock Analysis Report
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