Crown Holdings, Inc. (NYSE: CCK) shares are trading higher after the company authorized a $3 billion buyback.

Crown Holdings, Inc. (NYSE:CCK) shares are trading higher after the company authorized a $3 billion buyback.

Crown Holdings announced Thursday that its Board of Directors authorized the repurchase of an aggregate amount of up to $3 billion of company stock through the end of 2024.

Crown Holdings added that the new authorization, which supersedes the previous authorization announced on February 25, 2021, reflects the Company's strong balance sheet and cash from operations, allowing investment in the business and return of cash to its shareholders. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate.

Crown Holdings is one of the world's largest producers of metal packaging. The company manufactures beverage cans, metal food cans, and closures as well as aerosol cans. With the purchase of Signode, the company also has a presence in a wide variety of protective transport packaging.

Crown Holdings has a 52-week high of $114.55 and a 52-week low of $85.65.

Meritas Media Team