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Ferrari buys back €4.2M of stock

Ferrari NV said Sept. 9 that it bought back approximately €4.2 million common shares under the second tranche of its share repurchase program, which commenced July 1.

From Sept. 2-5, the Italian luxury-car maker repurchased 10,439 shares from the Italian stock exchange for a total consideration price of €1.5 million, excluding fees. It also repurchased 18,450 of its common shares from the New York Stock Exchange during the same period for a total consideration of $2.9 million, or €2.7 million, excluding fees.

The average price per share for the shares redeemed in Milan was €144.17, while the average price per share for the shares repurchased in New York was $159.26. When combined and converted, the average price per share for the shares bought back from both the Italian Stock Exchange and the NYSE is €144.74.

The latest buyback follows the €4.3 million worth of shares that Ferrari repurchased a week prior.

The company has so far bought back shares worth about €73.4 million in Milan and $4.9 million worth of stock in New York in the second tranche of its buyback plan announced in December 2018.