TO date Tie repurchased 4M shares for $55M leaving $49M
None of the purchases occured during Q4 2010....
All shares acquired have been cancelled
Thus going forward from 12/31/2010 Tie has approval to repurchase at least $49M worth of Tie shares. Tie lowest point in 2010 was in January at about $16.60 and its highest point was in 2/17/2011 at $20.60. The 50 day EMA rest at $18.35. If Tie were to use the $49M in Q1 2011 this would equate to acquiring and cancelling 2.67M shares of Tie. Tie outstanding shares are 180M so if all were repurchased in Q1 2011 this would equate to reducing the the share pool by 1.48%.
Alternatively, in Feb 2009 the Board suspended the quarterly dividend considering the economic & financial environment. Declaration and payment of future dividends on our common stock is discretionary and dependent upon results of our finalcial operations....Could Harold be getting in while the stock price is cheap ($18 range) so that he gets a dividend check that is taxed at only 15% versus income that is taxed at 40%. He didn't create his wealth being financially stupid.
My guess is that Harold is putting his money where his mouth is. There is no other easier vehicle to creating wealth than to reinvest into a company poised for future growth. As per the "Airline Moitor" 2011 is on track to grow by 9% (y/y) and 2012 will grow by 12% y/y. Harold is just getting in now while the price is cheap at ~$18/share. My estimate on Tie is $24 / share by Aug 2011.
With the commercial aerospace sector plus the industrial sector ramping up TIE estimates product shipments to grow by 15-25% in 2011.
I thought this was a nice synopsis of the report. To bad that "Mazzy" from beverly hill billies didn't read your comments as we was to busy shouting from the roof tops that he was in the chips shortin TIE. Where is he now?
Re: "My guess is that Harold is putting his money where his mouth is"
First, he is not "putting his money where his mouth is". He is using the funds of a public company (NYSE:KRO) that he partially owns to prop up the stock price of another public company (NYSE:TIE) that he partially owns. (This is like McDonalds buying shares of GE simply because a wealthy plutocrat owns both stocks, sits on both companies’ boards, and wants GE stock to trade at particular price level -- you would think the SEC would not allow it).
Second, in 2007, he bought a lot of stock at above $30
Also, last year NYSE:TIE (a public company that the plutocrat partially owns), instead of re-purchasing its own stock, was buying shares of yet another public company that the plutocrat partially owns NYSE:VHI
Connect the dots: TIE buying VHI stock, KRO buying TIE stock, VHI buying KRO stock, etc.
This one public company propping up the stock price of another public company machinations are designed to benefit only one shareholder – and it is not you, it is the evil greedy plutocrat Simmons.
Re: "After this heavy 2007-2008 Simmons buying (in $20-35 range), the stock hit as low as $4.04 in 2009"
And you (posting under your predecessor "viel" ID) pumped TIE all . . . the way . . . down from $36, to $4.04 (for an 89% loss, until you rode it back up to about $21 before supposedly going short last June). So you did just as badly as Harold, here.