Marcus Corporation (MCS) Approves 3M Share Repurchase
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Price: $13.59 -1.74%
Overall Analyst Rating:
NEUTRAL (
Up)
Dividend Yield: 7.4%
Revenue Growth %: +1.7%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 7.4%
Revenue Growth %: +1.7%
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The Marcus Corporation (NYSE: MCS) today announced that its Board of Directors has authorized the repurchase of up to 3,000,000 additional shares of the company’s outstanding common stock. The repurchases would be executed in the open market, in privately negotiated transactions or pursuant to a Securities and Exchange Commission Rule 10b5-1 plan, depending upon a number of factors including prevailing market conditions. As of December 31, 2012, the company had 18,480,658 shares of common stock outstanding and 8,773,073 shares of Class B common stock outstanding.
The new authorization adds to the company’s existing share repurchase program that had approximately 955,000 shares remaining under prior authorizations as of December 31, 2012. The company has repurchased approximately 1.8 million shares in conjunction with the exercise of stock options and the purchase of shares in the open market since June 1, 2012, the beginning of its 2013 fiscal year.
The new authorization does not obligate the company to acquire any particular number of shares of common stock. The pace of the company’s repurchase activity will depend on factors such as current stock price, market conditions and other factors. The company’s share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date. The shares repurchased would be retained as treasury stock and used for employee benefit plans or other general corporate purposes.
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The new authorization adds to the company’s existing share repurchase program that had approximately 955,000 shares remaining under prior authorizations as of December 31, 2012. The company has repurchased approximately 1.8 million shares in conjunction with the exercise of stock options and the purchase of shares in the open market since June 1, 2012, the beginning of its 2013 fiscal year.
The new authorization does not obligate the company to acquire any particular number of shares of common stock. The pace of the company’s repurchase activity will depend on factors such as current stock price, market conditions and other factors. The company’s share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date. The shares repurchased would be retained as treasury stock and used for employee benefit plans or other general corporate purposes.
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