The Amex is full of good, cheap stocks under 5; good penny stocks basically. One such good stock to buy, Rentech, Inc. (Amex: RTK) announced last week that the company’s Board of Directors has authorized the repurchase of up to $25 million of its outstanding common shares. The CEO of the penny stock believes that the repurchase of RTK at attractive prices will be a good investment and further highlights the company’s commitment to use their capital to maximize shareholder value.
Rentech, Inc. (RTK) Stock History/Statistics:
52-Week Change: 44.80%
52-Week High (Nov 2, 2011): 1.98
52-Week Low (Oct 4, 2011): 0.72
50-Day Moving Average: 1.75
200-Day Moving Average: 1.37
Avg Vol (3 month): 1,971,850
Avg Vol (10 day): 2,047,400
Shares Outstanding: 225.22M
% Held by Insiders1: 2.86%
Shares Short (as of Feb 15, 2012): 6.09M
Short Ratio: 3.20
Short % of Float: 3.30%
RTK 6 Month Stock Chart:
The share repurchase program will be funded by RTK‘s available cash. The company may buy shares in the open market or through privately negotiated transactions from time to time over the next 12 months as permitted by federal securities laws and other legal requirements. RTK has ample resources to fund this program while continuing to pursue growth plans for the company.
Although the company is under no obligation to repurchase any shares, the timing, manner, price and amount of any repurchases will be determined by the company in its discretion and will be subject to economic and market conditions, stock price and other factors and compliance with applicable legal requirements. The plan can be implemented, suspended or discontinued at any time without prior notice at the Company’s sole discretion.