- Landstar System ( NASDAQ: LSTR ) Board of Directors increased the number of shares authorized to purchase under its stock purchase program to 3M.
- The increase to the share purchase program reflects a new authorization to purchase 1,900,826 shares under the existing authorization to purchase 1,099,174 shares.
- This comes in conjunction with a special dividend declaration of $2.00 .
- President and CEO Jim Gattoni commented, “As previously reported, the Company purchased a total of 1,900,826 shares of its common stock at an aggregate cost of approximately $286.0 million during the first three quarters of its 2022 fiscal year. The Company also returned $115.7 million to stockholders in the form of cash dividends paid on shares of its common stock during the 2022 fiscal year. As previously reported, as of September 24, 2022, the Company had $228 million in cash and short-term investments. The Company intends to continue to use its available free cash flow to purchase its stock under its stock purchase program."
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Landstar System increases stock purchase program to 3M shares