Honeywell allocates $6.5bn for stock buybacks

Friday, 08. December 2017 21:52

After spending $3.5 billion from the previous program, set at $5 billion, the Board of Directors of Honeywell International Inc. decided to authorize a total of $8 billion for share repurchases. The conglomerate's scheme will include the remainder from the last round, according to an update released on Friday.

The industrial powerhouse added the buybacks, for which it didn't determine any deadline, would be conducted through negotiated block transactions, accelerated repurchases, 10b5-1 plans, in the open market or otherwise. "The company presently expects to repurchase outstanding shares from time to time to generally offset the dilutive impact of employee stock-based compensation plans, including option exercises, restricted unit vesting and matching contributions under our savings plans," the press release says.

Shares of the aerospace giant were up 0.21% at 9:33 pm CET, selling for $153.51 in New York. Honeywell is trading at a level 32.8% higher than one year ago, compared to the advance of 17.9% in benchmark S&P 500 index.

Related Links: Honeywell International Inc.
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