Smart meter maker Itron (NASDAQ:ITRI) announced that its board of directors has authorized a new $50 million share-repurchase program to be effected over the next 12 months. 

Saying the buyback underscores Itron's commitment to increasing shareholder while showing a belief in its long-term growth potential, President and CEO Philip Mezey said, "While we are significantly investing in our future, we are also pleased that our strong financial profile allows us the opportunity to repurchase shares."

Itron just completed in February a previous repurchase plan that saw 2 million shares valued at $77 million bought back. The new plan is effective immediately and can be commenced or suspended from time to time.

ITRI Stock Buybacks Chart

ITRI Stock Buybacks data by YCharts.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.