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Ingles Markets (NASDAQ: IMKTA ) is opening its coffers in an attempt to boost the value of its stock. The company's board has authorized a repurchase program for up to 4 million shares of its class A and class B common stock. The buybacks will be effected through various means, including open market buys, block trades, and privately negotiated purchases.
In the press release announcing the move, Ingles Markets quoted CEO Robert Ingle II as saying that the new program represents "a solid investment for our shareholders and provides us with the opportunity to leverage our strong financial position to improve our earnings per share."
At the moment, Ingles Markets has roughly 13 million class A and 11.3 million class B shares outstanding. Over the past year, its stock market price has ranged from $14.93 to $25.72. It currently trades near the top of that range at $25.29.