Share Buyback Announcements Continue In Droves (PFG, BIN, CLF, LTM, ACM, FRX, IPG, MYGN, RSG, LO, NWL, TIVO)

Life Time Fitness Inc. (NYSE: LTM) has authorized a new buyback plan to repurchase up to $60 million in common stock over the next two years. This represents about 1.6 million shares at the current share price, the market cap is $1.45 billion, and the average volume is just over 500,000 shares.  The company pays no dividend.

AECOM Technology Corp. (NYSE: ACM) has been in trouble as global austerity measures threaten its large infrastructure projects.  The company has authorized a $200 million share buyback plan, or about 10 million shares based on current prices.  The market cap is about $2.4 billion and AECOM trades about 850,000 shares per day.  Surprisingly, and perhaps illogically, AECOM pays no dividend.

Forest Laboratories Inc. (NYSE: FRX) agreed to repurchase another $350 million of common stock from Morgan Stanley (NYSE: MS).  This came to just over 3% of the company’s value at the time and the current market cap is $9.55 billion.  Forest is one of the few brand and generic drug-makers that pays no dividend.

Interpublic Group of Companies, Inc. (NYSE: IPG) expanded its buyback plan with up to $450 million more for share buybacks.  What is interesting is that this represents more than 50 million shares at current prices and the market cap is about $4.15 billion.  The company has a dividend yield of 2.7%.

Myriad Genetics Inc. (NASDAQ: MYGN) on Monday said it authorized up to $200 million to be used for share buybacks.  This was about 12% of the diagnostic test company’s market cap.  The value today is almost $1.7 billion and the stock trades only about 1.1 million shares a day.  This is not quite a biotech dividend, but it is one move closer.  The company has no formal dividend.

Republic Services, Inc. (NYSE: RSG) was one of the larger buybacks in recent days as it announced it would repurchase up to $750 million in stock to add to a prior plan.  This represents almost 27 million shares today.  Republic has a market value of about $10.6 billion and the average daily volume is almost 2.9 million shares.  Republic also offers a dividend yield currently of about 3.1%.

Lorillard, Inc. (NYSE: LO) completed a prior plan and announced on Monday that it was adding another $750 million to its buyback efforts that had been for $1.4 billion.  The current market cap is almost $15 billion and this trades almost 2 million shares a day.  The dividend yield is almost 5%.

Newell Rubbermaid Inc. (NYSE: NWL) announced last Friday that it had approved a $300 million stock repurchase program over the next 3-years.  This represents close to 23 million shares today and the average volume is almost 5 million shares per day.  The market cap is about $3.8 billion and the dividend yield is close to 2.3%.

TiVo Inc. (NASDAQ: TIVO) is another company which some will wonder if the buyback is ever exercised or not but last Friday it announced that its board authorized the repurchase of up to $100 million of common shares over the next two years, funded by existing cash on hand.  TiVo has a market cap of just over $1 billion and trades about 3 million shares per day.  TiVo pays no dividend.

As a reminder, many companies do not have to use a single penny or dollar of a buyback plan just because they declare a buyback.  The difference is that we have filtered out the very questionable plans and focused on the companies which are either large enough to matter or which can actually be exercised.

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