Breeden Capital Management, the hedge fund run by Richard Breeden, a former chairman of the Securities and Exchange Commission, reported ownership of 3,994,162 shares (6.4%) of Hillenbrand after buying 1,053,467 from Aug. 22 to Sept. 18, at prices of $22.01 to $22.99 each.

first dividend as a publicly traded company

Funeral services products provider Hillenbrand Inc. said Thursday its board authorized the repurchase of up to $100 million of the company's outstanding common shares.

Purchases will be made from time to time in the open market or in private transactions, and will be funded from the company's available cash and cash flow.

Hillenbrand is the holding company for Batesville Casket Co. The company currently has about 62.4 million shares outstanding.

The stock trades for 7.5x cash flow.

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Two directors of Hillenbrand Inc., the holding company for Batesville Casket Co., which provides caskets and funeral products, recently bought 87,400 shares or $1,742,936 worth of stock.

The stock has a PE of 12.