Stock Buyback Boosts Amphenol Shares3/07/2004 7:00 PM Eastern
Amphenol stock got a lift in early trading last Thursday, after the fiber-optic connector maker said it would be buying back some stock.
Amphenol said last Thursday that its board of directors authorized the repurchase of up to 1 million shares of common stock. The buyback program will last until Dec. 31, 2005.
The primary aim would be to partially offset additional dilution resulting from the exercise of stock options. Amphenol indicated the timing and price of any such purchases will depend on market conditions. It has about 44.3 million shares of common stock outstanding.
Amphenol was up 61 cents in early March 4 trading, to $62.07.
Amphenol rose more than $2 on March 1, to $63.61, about a week after it had priced 8 million shares in a secondary offering at $60 each.
Most of that stock — about 7.6 million shares — came from one of Amphenol's largest shareholders, leveraged buyout firm Kohlberg Kravis Roberts & Co.
But on March 3 it closed at $61.45, down $1.06.