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Ferrari buys back €15.5M worth of shares

Ferrari NV said July 31 that the company repurchased shares worth about €15.5 million from the Italian Stock Exchange during July 22-30.

The automaker bought back 104,782 shares at an average price of €148.26 apiece.

The transaction is part of the second tranche of Ferrari's share repurchase program, which started July 1. The company has so far repurchased 276,376 common shares for approximately €41.0 million in the second tranche.

The buyback is in line with Ferrari's plan to repurchase €1.5 billion of its common stock by 2022.