Sensata Technologies Holding plc’s ST board of directors recently authorized a new share repurchase program of $500 million. The latest ordinary share buyback initiative underscores the Attleboro, MA-based company’s commitment to boosting its existing capital deployment and mergers and acquisitions strategies (M&A) backed by robust free cash flow in the long run.With an industry experience of more than 10 decades, Sensata is counted as one of the leading suppliers of electrical protection and power management solutions. The company boasts a diversified portfolio of personalized and unique sensor-rich applications. With more than 1.1 billion devices shipped annually across the globe, it creates cleaner, safer, connected and more efficient equipment.The recent buyback program replaces Sensata’s previous ordinary share repurchase initiative, which had $254 million remaining under authorization as of Dec 31, 2021. It is worth mentioning here that the forms of share repurchase agreements have already been approved by Sensata’s shareholders. In fact, the potential broker counterparties required to execute the plan have also been confirmed by the shareholders.Markedly, Sensata’s ordinary shares may be repurchased occasionally depending on the factors through open market or privately negotiated transactions. The plan can also be suspended or discontinued at any time. With the new share repurchase program, Sensata intends to continue propelling its Megatrend growth initiatives. The program will allow Sensata to generate lucrative returns on invested capital in the long run.Moreover, its strong balance sheet position enables Sensata to effectively capture M&A cost synergies with accelerated growth in industrial, aerospace and Heavy Vehicle & Off Road industries. Accretive collaborations and acquisitions have also enabled Sensata to add new capabilities in wireless sensing and software while driving stronger returns for shareholders.Last year, it inked a definitive agreement to acquire Sendyne Corp. for an undisclosed amount. The transaction is likely to unlock new business opportunities for Sensata while reinforcing its electrification strategy. It also completed the SmartWitness Holdings, Inc. buyout to expand its video telematics portfolio. Spear Power Systems and Xirgo Technologies Intermediate Holdings, LLC acted as major tailwinds as well.The company has a rich portfolio of high-voltage protection and battery management systems. Its sensing solutions business has a strong product portfolio and greater scale to capitalize on attractive opportunities in the multi-billion global automotive sensor market. Moreover, the company believes that its evolving portfolio and accretive customer base serve as the cornerstone for healthy long-term growth across a diverse set of markets.Sensata currently has a Zacks Rank #3 (Hold). Its shares have gained 4.5% compared with the industry’s growth of 8.1% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchAllied Motion Technologies Inc. AMOT is a better-ranked stock in the industry, sporting a Zacks Rank #1 at present. The Zacks Consensus Estimate for its next-year earnings has been revised 10.1% upward over the past 60 days.Allied Motion Technologies delivered a trailing four-quarter earnings surprise of 46.2%, on average. It has returned 16% in the past year. AMOT has a long-term earnings growth expectation of 10%.salesforce.com, inc. CRM also flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings has been revised 6.4% upward over the past 60 days.salesforce.com delivered a trailing four-quarter earnings surprise of 44.2%, on average. Although it has lost 1.5% in the past year, CRM has a long-term earnings growth expectation of 16.8%.Progress Software Corporation PRGS sports a Zacks Rank #1, at present. The consensus estimate for current-year earnings has been revised 3.9% upward over the past 60 days.Progress Software delivered a trailing four-quarter earnings surprise of 26.8%, on average. The stock has returned 6.6% in the past year. PRGS has a long-term earnings growth expectation of 2%. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. 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