Orbital Sciences board approves $50M stock buyback plan
DULLES, Va.—Orbital Sciences Corp., which makes small rockets and space systems, said Friday its board authorized the repurchase of up to $50 million in stock over the next year.
The authorization replaces a previous $50 million buyback plan under which the company repurchased $45.2 million in stock.
Orbital Sciences has about 60.9 million shares outstanding.
In afternoon trading, the stock rose 81 cents, or 3 percent, to $27.50 after hitting a 52-week high of $27.54. The stock traded at a year low of $19.19 a year ago.
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