Swift Board OKs Stock Buyback
Swift Transportation Co. has repurchased 1 million shares of its common stock in the past three months, and company Chairman Jerry Moyes and affiliates purchased 226,400 shares in the same period.
Moyes and his brother Ronald own about 43% of Swift’s 64.3 million shares outstanding, and the Moyes family has been accumulating stock in Simon Transportation Services and other refrigerated carriers.
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The stock buyback program will continue. On Jan. 20, Swift’s board authorized the company to repurchase another 500,000 shares before June 30. Directors previously authorized the purchase up to 500,000 shares Oct. 29 and extended the program for another 500,000 shares on Dec. 30.
Swift stock has traded near its 52-week low, closing at $12.75 on Jan. 26.
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