AT&T stock has slumped in 2023, and director Stephen J. Luczo recently bought a large block of shares of the media and telecom firm.
AT&T stock (ticker: T) has dropped about 12% this year, while the S&P 500 index has tacked on nearly 18%. The company's quarterly earnings reports have been strong this year , but concerns over AT&T's potential liability regarding legacy lead-lined wires helped push shares to a 30-year low in July. That month, The Wall Street Journal reported about cable networks across the U.S. covered in toxic lead. AT&T has said the report on potential harm connected to lead cables "conflicts not only with what independent experts and longstanding science have stated about the safety of lead-clad telecom cables but also our own testing."
Luczo paid $971,875 on Nov. 13 for 62,500 AT&T shares, an average price of $15.55 each. According to a form that he filed with the Securities and Exchange Commission, Luczo purchased the stock through a trust that now holds 395,500 AT&T shares. He also owns another 167,000 AT&T shares through another trust.
Private-equity firm Crosspoint Capital Partners, which Luczo serves as a managing partner , didn't respond to a request to make him available for comment on his AT&T stock buy. Luczo is a former chairman and CEO of hard-drive maker Seagate Technology Holdings (STX).
Luczo last bought AT&T stock on the open market in November 2021, when he paid $2.5 million for 100,000 shares , an average price of $25.04 each.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.