|
WYOMISSING, Pa. (AP) -- Carpenter Technology Corp., which makes specialty alloys and engineered products, on Monday announced the establishment of a trading plan for the repurchase of up to $115 million of its common stock. The company expects to complete the purchases under the plan by the end of its fiscal third quarter ending March 31, 2008. The shares will be purchased under the company's current $250 million buyback plan. A 10b5-1 trading plan allows the company to set up a program in advance for such transactions and proceed with them even when in possession of material nonpublic information. Prior to beginning the 10b5-1 trading plan, the company has repurchased a total of 1.1 million shares for about $131.5 million, or an average of $116.38 per share. As of June 30, Carpenter Technology had 26.3 million shares outstanding, according to a regulatory filing. Carpenter shares fell $1.60 to close at $111.86, but gained 37 cents to reach $112.23 in aftermarket trading.
|