Commercial Metals Board Authorizes Stock Repurchase Program - Quick Facts
(RTTNews) - Commercial Metals Company (CMC) said its Board has authorized a common stock repurchase program of up to $350 million. The program will cancel and replace the existing plan, which had $27 million remaining under its authorization as of August 31, 2021.
Also, the company's Board declared a regular quarterly cash dividend of $0.14 per share of common stock, an increase of $0.02, or 17%, per common share.
"Today's announcement reflects a well-balanced capital allocation strategy that will continue to fund value-accretive growth, while returning a meaningful portion of CMC's free cash flow to shareholders," said Barbara Smith, CEO.
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