This Dirt-Cheap Grocery Stock Just Got a Sweet Deal on Its Own Shares
Investors might not be very familiar with the stock of Albertson's (NYSE: ACI). Although the grocery store chain is 81 years young, it only recently became a public company after its initial public offering in June. But for defensive investors looking for pandemic-proof stocks, grocery stores in general and Albertsons in particular may be worth a look.
Its stock is cheaper than rival Kroger (NYSE: KR), but like Kroger, Albertson's is also posting blockbuster sales and profits during the pandemic. Yet shares trade about 15% below its June IPO price of $16, which was below the $18 to $20 range the company had hoped for.
Albertson's was also given a gift recently, as it was able to buy back a significant amount of shares below its already-discounted price.
Source Fool.com
