Ford Motor (NYSE: F) shares gained 0.7% in early trading Tuesday after the company disclosed it would buy back up to 51 million shares of common stock in what it described as a "modest ani-dilutive share repurchase program."

The shares repurchased will help offset the dilutive effect of share-based compensation granted during 2023.

The value of the planned buyback is over $500 million based on yesterday's closing price.

Ford has a total of 4 billion shares outstanding.