Shares of Universal Electronics Inc.
rose 2.2% in afternoon trade, after the control and sensor technology company disclosed a new share repurchase program that would allow it to buy up to $10 million of its shares outstanding by Aug. 2, 2018. Based on current prices, and with 12.13 million shares outstanding as of May 7, the new program could represent up to about 329,500 shares, or 2.7% of the shares outstanding. In last week’s filing of its quarterly report, the company said it approved a new stock buyback plan to repurchase up to 100,000 shares on the open market. The stock has tumbled 32.4% over the past three months, while the S&P 500
has eased 0.2%.