Business

May 8, 2014

Cree buys back $100 million of its shares

LED lighting company Cree has bought back $100 million of its shares and could purchase up to another $200 million more under its expanded stock repurchasing program.

LED lighting company Cree has bought back $100 million of its shares and could purchase up to $200 million more under its expanded stock repurchasing program.

The Durham-based company announced Thursday that, earlier this week, its board of directors increased the total amount of stock the company is authorized to buy under its current repurchasing program to $300 million.

After buying 2.1 million shares at $47.11 per share, the company can purchase an additional $200.4 million in shares between now and the expiration of the program on June 28, 2015.

Cree shares were trading at $45.74, up 75 cents, Thursday afternoon. Its shares have fallen 27 percent this year.

Cree’s board also authorized the company to secure a $150 million credit facility that will enable it “to optimize its net investment return on its cash and investments while funding its general business needs.”

Cree had $1.2 billion in cash and investments as of March 30.

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