ADM Stocks Climb with Expanded Buyback Program

Shares of Archer-Daniels-Midland Co. (NYSE:ADM), a large global grain trader, rose on Wednesday following the announcement of an expanded share repurchase program. The stock increased by up to 1.7%, reaching $52.90, and was trading around $52.60 around midday.

The Chicago-based company stated that its board has approved the purchase of an additional 100 million shares and extended the duration of the buyback initiative by five more years. This expansion raises the total share repurchase authority under the program to 300 million shares, and the company plans to repurchase these shares by 2029. Following this announcement, Archer-Daniels-Midland noted that approximately 114.8 million shares remain available for future buybacks.

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