Gabelli ups convertible, stock repurchase programs

New York, Aug. 23 - Gabelli Asset Management Inc. said its board of directors increased the authorization to buy back its mandatory convertible securities to a total of $25 million and added $25 million to its stock buyback program.

Gabelli said it bought back 22,500 shares of its mandatory convertibles at an average cost of $24.10 in the third quarter bringing the total since the program began in 2002 to 307,700 shares at an average cost of $22.54 per share.

Gabelli originally sold $90 million of the convertibles in February 2002.

As far as stock buybacks are concerned, the Rye, N.Y. asset manager now has $32.8 million authorized and available.

Gabelli said it bought back 133,000 shares of class A common stock in the third quarter at an average cost of $38.67 per share. Since the program began in 1999, the company has repurchased 1.595 million shares at an average of $29.17.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.