Shares of Builders FirstSource Inc. rallied 0.7% in premarket trading Monday, after the building products and prefabricated components supplier boosted its stock repurchase program by $1 billion. The increase give the company authorization to buy back $1.5 billion worth of stock, which represents 16.8% of the company’s market capitalization of $8.91 billion as of Friday’s close. From August 2021 through Nov. 8, 2022, the company had spent $3.8 billion to repurchase 29.5% of its shares outstanding at an average price of $62.23, or 2.8% above Friday’s closing price of $60.52. Since Nov. 11, the company has spent $68 million to repurchase 1.1 million shares at an average price of $63.05. The stock rally ahead of Monday’s open was despite a selloff in the broader stock market, with futures for the S&P 500 falling 0.7%.
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