Nissan plans big buyback

Article Excerpt

NISSAN MOTOR (ADR) $19.03 (Nasdaq symbol NSANY; TSINetwork Rating: Above Average) (310-771-3111; www.nissan-global.com; ADRs outstanding 2.3 billion; Market cap: $43.8 billion; Yield: 3.1%) plans to buy back as many of 300 million of its common shares, or 6.7% of the total outstanding. The share repurchase will cost as much as 400 billion yen, or $3.5 billion U.S. The company plans to complete those buybacks by December 22, 2016. Nissan earned a record 535 billion yen in its fiscal year ended March 31, 2016. The company also held 860 billion yen in cash on December 31, 2015, and plans to use some of the money to implement that big share buyback. Nissan is still a buy. buy…