Price Pfister to Repurchase Up to 500,000 Stock Shares

Price Pfister, a Pacoima faucet maker, said its board of directors approved the repurchase of up to 500,000 shares of its common stock.

A company spokesman said the buyback, which could involve purchasing the shares on the open market or in private transactions, was authorized because the company’s stock price has tumbled since the October stock market crash.

In July, Price Pfister went public by offering 2 million shares at $15 each. On Monday, the company’s stock closed at $10.25.

The company said the purchases would occur from time to time and that no maximum or minimum purchase prices have been set.