General Electric Co. on Tuesday said its board authorized a $3 billion share repurchase program.
GE said it “expects to consider share repurchases as one of a number of potential capital allocation alternatives on an ongoing basis, along with organic and inorganic investments, as we plan to establish three global, investment grade companies.”
The company has a market capitalization of $93.86 billion, 1.1 billion shares outstanding and a public float of 1.09 billion shares.
The stock finished the day’s regular-trading session with a 3.24% gain, closing at $88.15. Shares were flat after-hours.
Also on Tuesday, GE said Stephen F. Angel, Isabella D. Goren and Tomislav Mihaljevic were elected to the board. James Tisch won’t stand for reelection to the board, GE said.