Benchmark Electronics, Inc. (NYSE:BHE) closed with change of 0.81% to $31.05 with the total traded volume of 300724 shares versus to an average volume of 362.90K. The stock was up in the 5 days activity 3.50%. The one month performance of stock was high 12.50%. BHE shares are above 3.50% for the quarter and driving a -0.32% rally over the course of the past year and is now up 6.70% since this point in 2018. Right now BHE beta is 0.38. The average volatility for the week and month was at 2.34% 2.38% respectively.
Benchmark Electronics, Inc. (NYSE:BHE) yesterday reported that its Board of Directors has approved an expanded stock repurchase program granting the company authority to repurchase up to $250 million in common stock. Of this authorization, the company plans to repurchase a minimum of $100 million in common stock during 2018. Benchmark intends to repurchase $50 million of the $100 million through an Accelerated Share Repurchase (“ASR”) program with Goldman Sachs & Co. LLC.
Under the terms of the ASR executed yesterday, Benchmark’s outstanding common stock will be reduced by approximately 1.6 million shares, including approximately 1.3 million shares at the onset of the transaction. The ASR transaction structure includes a market price adjustment at the conclusion, based generally on the volume-weighted average trading price of Benchmark’s shares during the ASR transaction less a discount, which may require a settlement by or to Benchmark.
The Board of Directors has also authorized the initiation of a quarterly dividend of $0.15 per share with the first payment on April 11, 2018, to shareholders of record at the close of business on March 29, 2018.
Additionally, Benchmark has a $230 million Credit Facility that matures in November 2020. To further enhance its strong capital structure, Benchmark is considering opportunities to both lower the cost and lengthen the maturity of its debt structure, as well as to reduce overall leverage with existing cash.
Paul Tufano, CEO and President said “Benchmark’s management team and board of directors firmly believe in the long-term growth prospects of the company and remain committed to a balanced approach to capital allocation”. “Given our strong cash position and recent tax reform, we believe we have the financial strength and liquidity to invest in future organic and inorganic growth, while returning value to shareholders through a combination of share repurchases and the return of cash through quarterly dividends.”
Shares of Benchmark Electronics, Inc. have been recently spotted trading -13.27% off of the 52-week high price. On the other end, company shares have been noted 14.79% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 27.05 – 35.80. Switching over to some distances from popular moving averages, we see that the stock has been recorded 4.99% away from the 50 day moving average and -1.77% away from the 200 day moving average. Moving closer, we can see that shares have been trading 4.84% off of the 20-day moving average.