Standard of Excellence: Anticipating Customer Needs Early and Often
The Knowledge Base: At the Forefront of Electronics Manufacturing
Global Citizenship: Training the Next Generation of Talent
Cemtrex Announces Stock Buyback
March 3, 2017 | Cemtrex Inc.Estimated reading time: 1 minute
Cemtrex Inc. has bought back and retired into treasury stock, 201,430 shares of Cemtrex common stock, at an average purchase price of $3.84 per share over the last 30-day period. The company spent $774,415 to purchase the CETX shares, which are now classified as treasury shares. This purchase reflects the company’s confidence in its business outlook and long term growth prospects.
The company's purchase was made under the share repurchase authorization that Cemtrex's board of directors approved in 2016 for the repurchase of up to one million outstanding shares over a 12 month period, depending on market conditions. Cemtrex now has roughly 800,000 shares remaining under this authorization.
Cemtrex Chairman and CEO Saagar Govil commented, "The buyback was consistent with our capital allocation strategy to grow our business and to maximize shareholder value. We believe our shares are extremely under-valued at their present price and that this purchase was a reflection of our firm belief in the long term success of Cemtrex. We feel strongly that this transaction will benefit our shareholders and we may continue to buy back shares if conditions persist."
About Cemtrex
Cemtrex Inc. (CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today’s technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom-engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally. For more information, visit www.cemtrex.com.
Share on:
Suggested Items
Real Time with... IPC APEX EXPO 2025: Tariffs and Supply Chains in U.S. Electronics Manufacturing
04/01/2025 | Real Time with...IPC APEX EXPOChris Mitchell, VP of Global Government Relations for IPC, discusses IPC's concerns about tariffs on copper and their impact on U.S. electronics manufacturing. He emphasizes the complexity of supply chains and the need for policymakers to understand their effects.
UMC Unveils New Fab Expansion in Singapore in Grand Opening Ceremony
04/01/2025 | BUSINESS WIREUnited Microelectronics Corporation (UMC), a leading global semiconductor foundry, today officially unveiled its new fab facility in Singapore in a grand opening ceremony.
Real Time with... IPC APEX EXPO 2025: Revitalizing the U.S. Microelectronics Industry with PCBAA
04/01/2025 | Real Time with...IPC APEX EXPOPCBAA president David Schild discusses his experience in the PCB and aerospace sectors, focusing on the mission of the PCBAA and its collaboration with IPC. He highlights the decline in PCB manufacturing in the U.S. and the importance of public policy in restoring capacity.
Do You Have X-ray Vision? SMT007 Magazine April Issue Is No Joke
04/01/2025 | I-Connect007 Editorial TeamAs component packaging continues to evolve, the capability of inspecting through components is crucial. Has X-ray’s time finally come in electronics manufacturing? Join us in this issue of SMT007 Magazine, where we answer this question—and others—to bring more efficiency to your bottom line.
New Accenture Siemens Business Group to Reinvent Engineering and Manufacturing for Clients
03/31/2025 | BUSINESS WIRESiemens and Accenture are significantly advancing their long-standing alliance partnership to help clients reinvent and transform engineering and manufacturing.