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O'Reilly extends stock repurchases by another $500M

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Last edited 3 p.m., Nov. 17, 2011

The O'Reilly Automotive Inc. Board of Directors yesterday approved a resolution to raise its stock repurchase program by another $500 million, bringing the total under the program to $1.5 billion.

The additional $500 million is effective for a three-year period beginning Nov. 16. On Jan 11., the board approved a three-year, $500 million repurchase program, which was increased to $1 billion in August.

Mark Merz, O'Reilly director of external reporting and investor relations, said the board voted to extend the program because it was nearing its limit.

As of the release of its third-quarter financial results on Oct. 26, O'Reilly had repurchased roughly $859 million of its shares.

According to investor research Web site GuruFocus.com, during November, O'Reilly executives have sold roughly 87,000 shares:
  • Co-President and CEO Greg Henslee, 20,000 shares sold on Nov. 1 and Nov. 11;
  • Board member Jay Burchfield, 19,500 shares sold Nov. 1;
  • Board member Rosalie O'Reilly Wooten, 10,000 shares sold Nov. 1;
  • Board member John Murphy, 7,500 shares sold Nov. 3;
  • Board member Ronald Rashkow, 5,000 shares sold Nov. 11; and
  • Board member Paul Lederer, 5,000 shares sold Nov. 4.
Merz said those sales were not related to the stock repurchase program.

"A good portion of that actiity is related to the exercise of stock options that those individuals had," he said, noting that officers' options have a 10-year shelf life on the plans, while board members are given seven years.

O'Reilly Automotive Inc. (Nasdaq: ORLY), which operates more than 3,700 stores in 39 states, has roughly 128 million shares trading on the public stock market.

As of 9 a.m., O'Reilly shares were trading at $76.50, compared to a 52-week range of $53.33 to $78.99, an all-time high.

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