Toledo's Libbey, Inc. said yesterday that its board has authorized the repurchase of 2.5 million of its shares, now that it has completed a 1 million share repurchase. The tableware maker has 14.6 million shares outstanding.
In its announcement, the company did not indicate why it was pursuing the repurchase, the timing of which it said will depend on market conditions. Some firms use repurchases to eliminate shares on the market and to try to bolster the stock price or to use them to reward executives with stock.
Libbey's shares closed yesterday at $26.30, near its 52-week low and well below its 52-week high of $40. Generally, its stock price has fallen since spring, except for a brief spurt in the summer.