AVV has fallen out of favorUnwise spending of $100 million to buy back shares at above market was not well received. Spending to same $190 million to fund a stable spall dividend for next 3-5 years would have been well received.
Question now is what they can do to get their mojo back. I suppose it has to start with 4th Q results being very strong. And some further progress at aentropy. And yes, changing gears and accepting that dividend is not a dirty word when there is no debt and excess free cash flow beyond sustaining and growth capital needs. That is a sweet spot to be in, but they are not taking full advantage of it. Of course the bright spot is that the current plan of using all free cash flow to buy in shares is even more effective if you trash the share price. So there is that.