NEW YORK (TheStreet) -- Flextronics International (FLEX) shares hit a 52-week high of $11.83 on Wednesday after the company announced Tuesday it had received approval to buy back up to 20% of its shares.
Flextronics said its board of directors permitted management to purchase up to $500 million of the company's stock.
Flextronics has bought approximately $1.7 billion in shares, or about 247 million shares, in the last four years.
The company said price, market status and legal conditions would affect the schedule and number of shares repurchased after this latest approval. Flextronics did not provide a timetable for the buyback and said it could elect to halt or end the program at its discretion.
More than 7.7 million shares had changed hands as of 12:17 p.m., compared to the average volume of 4,029,580.
Separately, TheStreet Ratings team rates FLEXTRONICS INTERNATIONAL as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FLEXTRONICS INTERNATIONAL (FLEX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."