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Buyback activity edged up last week with 22 companies announcing buybacks compared to 18 companies in each of the prior two weeks. Two of the largest buyback announcements last week included a $1 billion buyback announced by the Bermuda-based insurance company Arch Capital Group Ltd. (ACGL), which represents around 4.5% of its market cap at announcement. Arch Capital has been actively buying its shares and has reduced its outstanding share count by approximately 22 million this year. Centene Corporation (CNC) also boosted its buyback to $2 billion representing around 2.3% of its market cap at announcement.
We decided to pick Titan International (TWI) to take a closer look this week. Titan, a mid-cap company with a market cap of $928 million, announced a $50 million buyback on December 15, 2022, representing around 5% of its market cap at announcement.