Sanderson Farms, Inc. (SAFM) announced that its Board of Directors expanded its stock repurchase program to 1 million shares.
The company's Board previously authorized the repurchase of up to 225 thousand shares in April 2008. Under the stock repurchase program, shares may be purchased from time to time at prevailing prices in open market transactions or in negotiated purchases, subject to market conditions, share price and other considerations.
Sanderson Farms currently has approximately 20.3 million shares of common stock outstanding.
The company has repurchased approximately 13 thousand shares under the previously authorized stock repurchase program. The newly authorized program will provide Sanderson Farms with the capacity to purchase approximately 987 thousand shares. The stock repurchase program is authorized until April 24, 2012.
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