DURANGO, Colo.—Durango-based Rocky Mountain Chocolate Factory says its board is authorizing the repurchase of about 3 million dollars in stock.
The confectionery products manufacturer also said Tuesday its board has declared a fourth-quarter cash dividend of 10 cents a share. It will be payable March 14th to shareholders of record on February 29th.
Chief Financial Officer Bryan Merryman says the board’s decision came in light of a pullback in the stock price of late. The company also recently completed a 5-million-dollar stock repurchase program at an average share price of $12.13.
Rocky Mountain Chocolate Factory’s stock rose 45 cents a share or 4 percent to $11.80 a share in Tuesday afternoon trading.
In the past year, the stock has ranged from $10.45 to $18.04 a share.
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