Seeking Alpha

Dycom announces a $40M stock buyback

  • Dycom Industries (DY) authorizes a $40M stock buyback.
  • The repurchase authorization replaces the company's previous program, which expires on September 15, and of which approximately $22.8M remained outstanding as of July 27.
  • Repurchases are authorized to be made over the next 18 months, with the exact timing to depend on market conditions and other factors.
  • The company expects to fund repurchases using cash on hand.
  • As of August 26, 2013, the company had a float of around 33.2 M shares.
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