Boeing ( BA) said Monday it will buy back up to $7 billion worth of its common stock. The airplane maker's board approved a new repurchase plan to follow the $3 billion buyback it approved in August 2006. The company is nearing completion of the repurchases authorized under that plan. Since 2004, Boeing has bought approximately $8 billion worth of its stock. "Our strong financial performance allows us to return value to our shareholders while continuing to invest in our growth and becoming more productive," said CEO Jim McNerney, in a prepared statement. "We are executing a balanced cash deployment strategy that's serving Boeing and its shareholders well." Boeing shares closed at $96.99, up 97 cents. The stock has declined about 8% this month, primarily because Boeing said on Oct. 10 that delivery of the first 787 would be delayed for six months. Shares have dipped as low as $93.79 this month. The board also approved a regularly quarterly dividend of 35 cents a share, payable Dec. 7 to stockholders of record Nov. 9.