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.
Fool contributor Eric Volkman has no position in O'Reilly Automotive. The Motley Fool owns shares of O'Reilly Automotive. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.