MasTec Inc. MTZ, +0.82% said Tuesday it has authorized a new $150 million stock repurchase program, the largest in the infrastructure construction company's history. The new program comes after the completion of the previous $100 million buyback program. The company said it has bought back 4.3 million shares, or 5% of its shares outstanding, so far in 2018. Based on Monday's stock closing price of $42.80, the new program could repurchase up to 3.5 million shares, or about 4.4% of the shares outstanding. "MasTec has historically repurchased shares during periods in which the company believes its share price represents a significant value opportunity and our current repurchase activity reflects both our strong confidence in significant demand for our services, and our continued expectation of achieving a record level of 2018 cash flow from operations," said Chief Executive Jose Mas. The stock, which was still inactive in premarket trade, has shed 14% over the past three months, while the S&P 500 SPX, +0.37% has gained 3.4%.
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