Patrick Industries Boosts Buyback Approval To $100M

Patrick Industries Inc PATK Board of Directors authorized an increase in the current stock repurchase program to $100.0 million.
The buyback program also includes $38.2 million remaining under the previous authorization.
The share repurchase under the increased approval will take place over the next 24 months.
"The decision to increase our share repurchase authorization combined with the recent increase in our quarterly dividend reflects our confidence in our capital allocation strategy and ability to generate free cash flow," said CEO Andy Nemeth.
The company held $53.3 million in cash and equivalents as of September 25, 2022.
Price Action: PATK shares are trading higher by 7.16% at $62.37 on the last check Wednesday.
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