RE: 52 week low.A while back, when Kerbrilliant had an opinion other that RS, he said this about buybacks. And you can stretch the buyback one step farther and say that Pat is buying back it's stock through UMJ....which has the money to do it for them.
But here is what Kerbrilliant says about buybacks.
"Jump to PAT Forum SUBJECT: Buyback. Posted By: KerBer Post Time: 10/3/2006 13:37 « Previous Message Next Message » The fact that UMJ is now trading at a 52 week low is proof that sharebuybacks are a waste of company money. Instead of wasting money trying to prop up the share price artificially, the money would be better spent investing in the company, not the stock. As I stated before, trying to time the market is not the job of management, their job is to advance the company, not the share price. All stocks go up and down and where the bottom is nobody knows, witness UMJ management buying shares higher than todays price. The market should decide what a share is valued at. Otherwise, what happens when the buyback ends, when the artificial prop is removed?
I agree Kerbrilliant. I think the buyback plans that RS has for URSa AND Pat are flawed and are seen as a negative by the market.
IMHO, he should be doing more to have investors want to hang onto their shares with this buyback money. And Pat....what a fiasco. We are tied too closley to that mess and Rs needs to get us away from it.