Ryder Enters $300M Accelerated Share Repurchase Program

Ryder System, Inc. R entered into an accelerated share repurchase agreement (ASR) with Morgan Stanley & Co. LLC to repurchase $300 million of its common stock.
The company is funding the share repurchases under the ASR with existing cash resources.
The company will receive an initial delivery of ~3.1 million shares, with the final settlement scheduled to occur no later than the end of October 2022.
The company held cash and equivalents of $234.0 million as of December 31, 2021.
Related: Ryder System Stock Soars On Q4 Beat, Solid FY22 Outlook
Price Action: R shares are trading lower by 0.61% at $78.15 on the last check Friday.