Bloomfield manufacturer Kaman Corp. announced Thursday that its board of directors has approved a new $50 million stock repurchase program.
The company — which makes bearings and components for the aerospace and defense, industrial and medical markets — said it intends to purchase shares to limit future dilution from the issuance of shares under its employee stock plans.
“This new repurchase authorization combined with our strong dividend reinforces our continued commitment to delivering value to our shareholders,” said Jamie Coogan, Kaman’s senior vice president and chief financial officer, who was appointed to his current position last summer. “It also reflects the strength of our cash flow generation and financial position. While our first priority will be to limit dilution from employee stock plans, the plan provides us with flexibility to purchase additional shares if conditions warrant.”
The timing of the repurchase will depend on several factors, including market conditions, capital and liquidity requirements, and alternative uses for cash available, the company said.
Kaman’s stock price was trading at $44.11 around 8:30 a.m. Thursday morning. Over the past year, the company’s stock has traded between $33.93 and $57.36.
Last year Kaman reported profits of $708.8 million vs. $784.5 million in 2020.
