Tiffany Approves $500 Million Share Repurchase Program As Shares Trade Near 52-Week Lows

Shares of Tiffany & Co. TIF have lost nearly 20 percent since the start of 2016 and are lower by more than 30 percent over the past year.

Tiffany's announced on Thursday that its Board of Directors have approved a new stock repurchase program, effective immediately. The Board's new approval plan authorizes the repurchase of up to $500 million of the company's common stock over the next three years.

Shares of Tiffany's closed at $61.04 on Thursday, just shy of its 52-week low of $59.73 and noticeably lower compared to its 52-week high of $96.43.