CPAC, Inc. today announced that its board authorized the repurchase of up to 266,000 shares, or 5%, of its outstanding common stock. The purchases are to be made from time to time in the open market or through privately negotiated transactions, when conditions warrant.Thomas N. Hendrickson, CPAC president and chief executive officer, said, “We maintain that, at our low P/E ratio and current price at approximately 40% below book value, our stock remains undervalued. As a result, we will con...