Engineering and electronic products maker Teledyne Technologies Inc. said Thursday that its board has approved a plan to repurchase up to 2.5 million shares of the company's stock.
As of July 29, the company had about 36.8 million shares outstanding, according to a regulatory filing.
Companies buy back shares to send money back to their shareholders. Cutting the amount of traded stock can also help increase earnings per share.
Teledyne shares rose $3.86, or 6.8 percent, to $60.56 in afternoon trading. Earlier, the stock hit a 52-week high of $60.91. Its shares are up 56 percent from their 52-week low of $38.94 last Nov. 17.