Avigilon Wastes $39 Million on Stock Buyback
Author: John Honovich, Published on Jul 14, 2015
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Comments (10)
Undisclosed #1
You know, of course that if they bought the stock back because they knew they were going to have a 'great' quarter, as you seem to imply, it would likely be considered insider trading and therefore illegal?
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Itamar Kerbel
A company that buys back it stock is simply stating that it belives that the stock is undervalued.
If they have a great quarter it says that they are right.
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Undisclosed #1
Do you know exactly what day the trading was stopped because of the coming end of the quarter? IMHO, it would appear that it didn't stop until at least the opening bell of the 29th of June.
Here's why:
2,100,000 - 360,000 = 1,740,000 (Total shares sold minus shares sold by 5/21)
17,740,000 / 66,726 = 26 days (Shares to sell / max. daily volume)
There are only 28 trading days between 5/22 and 7/1 (exclusive).
28 - 26 = 2 days.
IMHO, June 29 is therefore the earliest date they could have stopped, and that's assuming were able to trade the absolute maximum everyday since May 21.
Do you agree and/or do you have any detail regarding the schedule of the 2.1 million shares?
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Undisclosed #1
FWIW, it's unlikely that they stopped when they did because of end of the quarter blackout requirements for two reasons.
They are of course not allowed to buy, nor create a programmatic broker buy, while in possession of any non-public material information.
Therefore assuming that these rules were followed, the fact that they bought $40 million at this point should not indicate a better quarter than the street is already expecting.
But I like you am expecting a 'great quarter'.
On another note it appears that they may be able to exceed their 66K volume restriction once a week with block trading. If you have the dailiy volumes in front of you, you may be able to check that.
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