Comarco Increases Buyback
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ANAHEIM — Comarco Inc. said Tuesday that it approved the repurchase of up to 500,000 more shares of its stock, raising the total number of shares in its authorized buyback plan to 1.5 million.
Comarco, which provides wireless communications products, already has repurchased 62,000 shares in the last two quarters and about 863,000 shares since the program was authorized five years ago.
The latest increase brings the total amount authorized for repurchase to 14% of its common stock.
The Anaheim company believes that its stock is undervalued. Repurchasing stock is one way to improve the price. Comarco stock closed Tuesday at $16.75 a share, down 25 cents from Monday’s close on the Nasdaq system.
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