Retail
Hansen Combats Short Sellers With Larger Buyback Program (HANS)
Published:
Last Updated:
Hansen Natural Corporation (NASDAQ:HANS) has announced a new share buyback program for up to $200 million of its own common stock.
The Board of Directors has thus terminated the previous stock buyback plan that was authorized back in November 2005. Under that plan, the company had repurchased some $27.7 million of common stock. Hansen Natural noted that it had 93,440,891 shares of common stock outstanding.
Shares closed at $31.61 yesterday and its 52-week trading range is $30.77 to $68.40 and its market cap was $2.95 Billion. As of December 31, 2007 the company had some $75.5 million in cash and short-term equivalents (before $227 million ‘long term’) on its books.
If the company theoretically exercised the full amount and was able to get shares at yesterday’s prices, then it would come out to 6.3 million shares of common stock or close to 3-days worth of average trading volume. As of mid-April, Hansen had 15.795 million shares listed in its short interest. That is the highest short interest seen in the stock in recent history.
You can join our open email distribution list to hear about other critical buybacks, restructurings, spin-offs, secondaries, and IPO’s.
Jon C. Ogg
April 25, 2008
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.