Northrop Grumman Sets $1 Billion Accelerated Buyback
29 Octobre 2018 - 12:54PM
Dow Jones News
By Colin Kellaher
Northrop Grumman Corp. (NOC) on Monday said it will buy back $1
billion in common stock under an accelerated repurchase agreement
with Goldman Sachs & Co. (GS).
The Falls Church, Va., defense contractor said it will initially
receive about three million shares on Wednesday, representing
roughly 80% of the shares it expects to buy back under the
agreement, based on Friday's closing price of $269.84.
The Wall Street Journal last week reported that a rise in
trading volume during this month's gyrations in the stock market
has opened the door for companies to aggressively buy back their
own shares.
Northrop said the accelerated buyback, which it expects to
complete in the first quarter of 2019, is part of its current
repurchase authorization, which had $2.1 billion remaining as of
Sept. 30.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 29, 2018 07:39 ET (11:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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