ADM shares gain on expanded buyback program

Shares of Archer-Daniels-Midland Co. (NYSE:ADM), a major global grain trader, are trading higher on Wednesday following the announcement of an enhanced share buyback program. Shares were gaining as much as 1.7% reaching $52.9, and were trading around $52.60 by midday.

The Chicago-based company disclosed that its board has given the green light for an additional purchase of 100 million shares, also choosing to extend the duration of the buyback initiative by another five years. This expansion brings the total authorization under the program to 300 million shares, which the company plans to repurchase by the year 2029. Following this announcement, Archer-Daniels-Midland noted that it currently has approximately 114.8 million shares remaining available for future buybacks.

Archer-Daniels-Midland currently boasts a market capitalization of $25 billion, and has around 478.5 million shares outstanding.

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Source: Investing.com