Why Signet Jewelers Stock Triumphed on Tuesday
It announced a $50 million accelerated share repurchase program.
Overview
Signet Jewelers (NYSE: SIG) saw its stock rise on an otherwise unexceptional Tuesday for the market. Investors bid up the price of the jewelry retail conglomerate by nearly 3% after it revealed plans for a new, $50 million share repurchase program.
In a regulatory filing published late on Monday, Signet disclosed that it has retained white-shoe investment bank Goldman Sachs to enact a $50 million accelerated share repurchase (ASR) program. Under this initiative, Goldman is to deliver approximately 480,000 of these shares to Signet.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.