In a notable move, a board member of AT&T Inc. recently acquired nearly $1 million worth of company stock. This is the first time the board member, Stephen Luczo, has made an open-market purchase in over two years.
According to a filing with the Securities and Exchange Commission on Wednesday, Luczo purchased 62,500 shares of AT&T (T) on Monday at an average price of $15.55. The total cost of the stock came to approximately $972,000.
Records from the SEC indicate that this transaction marks Luczo’s first open-market purchase since November 8, 2021, when he acquired 100,000 shares.
Stephen Luczo, who formerly served as the CEO of Seagate Technology Holdings PLC, has been a member of AT&T’s board since November 2019. For this recent purchase, he utilized a trust and now holds a total of 395,000 AT&T shares through that trust. Additionally, Luczo owns another 167,000 shares through a family trust.
AT&T has not yet provided a comment regarding Luczo’s stock acquisition.
It is worth noting that AT&T shares have experienced a decline of 14% thus far in the year, putting them on track for their fourth consecutive annual decline.
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