Dycom Industries announced that its Board of Directors has authorized a new $150M program to repurchase shares of Dycom’s outstanding common stock. Repurchases under the new program are authorized to be made over the next 18 months in open market purchases or privately-negotiated transactions, including pursuant to a Rule 10b5-1 plan. The new program replaces the Company’s previous $150M stock repurchase program of which approximately $81.0M remained outstanding. As of August 23 the Company had 29,333,411 shares of common stock outstanding, excluding the dilutive effect of stock options and unvested restricted stock.
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