CIBC Says Buybacks in E&C, Heavy Equipment Space, Influenced by AI Narrative
CIBC Capital Markets said buyback activity in the engineering & construction and heavy equipment companies it covers appear to be influenced by an artificial intelligence narrative.Citing the most recent SEDI filings, CIBC analyst Krista Friesen observed share-buyback activity at AtkinsRealis (ATRL.TO), Badger Infrastructure (BDGI.TO), Finning International (FTT.TO), RB Global (RBA.TO), and Stantec (STN.TO)."Unsurprisingly, a number of the companies that have been negatively impacted by the current AI narrative have been more active than usual on their buybacks such as Stantec, which has not repurchased shares since 2023," Friesen writes.AtkinsRealis has increased its activity relative to recent quarters; and RB Global recently introduced a normal course issuer bid (NCIB).A "notable" outlier is WSP Global (WSP.TO), which does not have an NCIB in place, but is down nearly 33% YTD due largely to the AI narrative, Friesen adds.Price: $83.66, Change: $-0.25, Percent Change: -0.30%
