Fair Isaac Board Approves New $2 Billion Stock Repurchase Program
FICO sits 32% above its 52-week low of $870.01.
Summary
Fair Isaac's board has approved a new stock repurchase program to acquire up to $2 billion of common stock. This follows the company's $1 billion senior notes offering in March, which was partly intended to fund potential share repurchases, and robust Q2 results in April that included $611 million in repurchases. The company has recently faced increased competition and a disclosed short position. The $2 billion authorization is a substantial capital allocation, representing about 7.6% of the company's market cap, and signals management's confidence in the face of recent headwinds.
At the time of this announcement, FICO was trading at $1,147.00 on NYSE in the Finance sector, with a market capitalization of approximately $26.4B. The 52-week trading range was $870.01 to $1,998.01. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.