The Board of Directors for business uniform and supply distributor Cintas Corporation (NASDAQ:CTAS) has approved an authorization for an additional share repurchase program for $500 million of the company's common stock. The timing has yet to be determined.
Cintas currently has $151.1 million left on a previous $500 million buyback authorization that was approved in October 2011. Since that date, Cintas says it has purchased approximately 8.6 million shares of common stock with an average price of $40.43 per share, totaling $348.9 million. Shares closed yesterday at $47.24.
As of July 30, Cintas had $651.1 million total available under the two repurchase programs.