ADT exits solar

Article Excerpt

ADT INC., $6.78, is a buy. The company (New York symbol ADT; TSINetwork Rating: Extra Risk) (adt.com; Shares outstanding: 867.1 million; Market cap: $6.1 billion; Dividend yield: 3.2%) is a leading provider of monitored security products and services to customers in the U.S. In December 2021, the company acquired Sunpro Solar for $825 million. Sunpro provides solar power systems for rooftops of residential and commercial buildings in the U.S. However, the purchase has not worked out as well as expected due to strong competition and rising losses. As a result, ADT will exit the solar business to better focus on its main home security operations. Meantime, thanks to its improving outlook, ADT is raising your quarterly dividend by 57.1%. With the April 2024 payment, investors will receive $0.055 a share instead of $0.035. The stock now yields 3.2%. ADT Inc. is a buy. buy…