Micros Systems to buy back shares of stock
Micros Systems' board has approved the buyback of 2 million shares of its common stock over the next three years.
Columbia-based Micros, which provides information systems to the hospitality and retail industries, had already approved a buyback of 2 million shares in November, which is almost complete.
Companies often buy back stock if they think their shares are undervalued, or simply to show that they feel the best investment for their cash is their own shares. Micros (NASDAQ: MCRS) was trading at $31.43 late Wednesday morning, well off its 52-week high of $37.49.
More than 31,000 Micros systems are installed in restaurants, hotels, casinos and retailers on all seven continents payday loan payday loans. And yes, that includes Antarctica: Tourists and researchers buy food and other goods at a few outposts there — and Micros helps make it happen.