O'Reilly Automotive (NASDAQ: ORLY ) is attempting to put some turbo into its stock with an expansion of its existing repurchase program. The company's board has authorized an enlargement of the initiative by $500 million, bringing its total amount to $3.5 billion. The additional half-billion is in force for a period of three years, effective immediately.
The company's stock buys will be effected through open market purchases through a broker-dealer. It cautioned that the program could be modified or suspended at any time without prior notice.
At the moment, O'Reilly Automotive's market capitalization stands at roughly $12.2 billion.