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Idex may buy back up to $300 million in stock

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November 8, 2013 05:26 PM EST | AP


LAKE FOREST, Ill. (AP) — Idex Corp. said Friday that its board of directors has approved spending up to $300 million buying back the company's outstanding shares.

Buying back company stock can help support a company's stock price as it boosts earnings per share.

The maker of pumps and flow meters said it will buy back stock from time to time on the open market or in privately negotiated transactions.

Shares rose 62 cents to close at $69.45 Friday. The stock has gained 49 percent in 2013.