PAETEC Gets Go-Ahead to Buy Back $25M of Its Stock

PAETEC (PAET) says it will buy back up to $25 million of its own shares over the next 15 months, a strategy often designed to increase earnings per share and market price for stock.

Indeed, the New York-based CLEC may already be seeing the kinds of results it’s hoping for: Its shares were up 6.41 percent in Wednesday afternoon trading, at $2.99.

PAETEC’s board recently approved the buy-back plan, which is authorized through Dec. 31 of next year. The provider’s last repurchase program expired in August; it only spent $13.8 million of the $30 million it could have spent.

PAETEC’s 52-week stock-price high stands at $3.55; the low is 76 cents.

Leave a comment

Your email address will not be published. Required fields are marked *


Which best describes your business?

View Results

Loading ... Loading ...
The ID is: 79697