NEW YORK (TheStreet) -- Shares of Cemtrex (CETX) - Get Report are spiking 17.86% to $3.63 on heavy trading volume late Wednesday afternoon after its board approved a new stock buyback program.

Cemtrex can repurchase up to 1 million of its outstanding shares over the next 12 months, according to a statement.

"This share repurchase plan, the first in the company's operating history, demonstrates our commitment to providing value to our shareholders and reflects our confidence in our business and growth prospects, as we continue to expand both organically and through strategic transactions such as the recent Periscope acquisition," CEO Saagar Govil said in a statement.

Cemtrex is a Farmingdale, NY-based diversified industrial and manufacturing company.

About 2.58 million shares of Cemtrex have been traded so far today vs. its average trading volume of 487,532 shares per day.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.

Cemtrex's strengths such as its revenue growth, attractive valuation levels and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.

You can view the full analysis from the report here: CETX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.