- DXP Enterprises Inc (NASDAQ:DXPE) said its Board of Directors authorized a new stock repurchase program of up to $85.0 million or 2.8 million shares.
- The shares may be acquired in the open market over the next 24 months at the discretion of management.
- Previously, the company completed the repurchase of 1.5 million shares, under the 2-year program, which began in May of 2021.
- As of September 30, 2022, DXP had approximately 19.7 million shares outstanding.
- “We continue to believe that the most accretive and beneficial use of cash at times is the repurchase of our shares,” said Chairman and CEO David R. Little.
- The company held $17 million in cash and equivalents as of September 30, 2022.
- Price Action: DXPE shares are trading higher by 1.26% at $26.75 on the last check Thursday.
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