Academy Sports and Outdoors rises after new $700 mln buyback announced

Academy Sports and Outdoors

04/12/2024 22:04

** Shares of Academy Sports and Outdoors  ASO.O  rise 4.1% to
$51.49 in extended trading as co plans to buy back more stock
** Texas-based sporting goods retailer said board approved new
repurchase program up to $700 mln
    ** New program replaces prior program, of which $423 mln
remained, and is effective today, for period of three years
    ** Co also announces qtrly cash dividend of $0.11/sh payable
on Jan 15 to holders of record as of Dec 18
    ** ASO has ~70.3 mln shares outstanding for about $3.5 bln
market cap, per LSEG
    ** Shares on Weds closed down 1% at $49.45. YTD, stock has
lost 25%

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))