Buyback activity slowed down last week with only 12 companies announcing buybacks. The company that topped our list with a 17% buyback was Winnebago Industries (WGO), manufacturer and seller of recreational vehicles. WGO announced a $350 million share repurchase on August 17, 2022. Elevated gas prices combined with a weakening housing market is likely to have a negative impact on RV sales in the near future. The stock is undeniably cheap with an EV/EBITDA below 4, which is probably the reason the company is planning on buying back shares. Interestingly, Thor Industries (THO), the giant RV manufacturer also announced an additional buyback of $450 million in June this year, representing around 10.5% of its market cap. We wrote about Thor in our Buyback Wednesdays post a couple of months ago.
General Motors (GM) also announced a $1.7 billion additional buyback representing around 3% of its market cap at announcement.