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Ferrari repurchases €38.9M worth of shares

Ferrari NV bought back a total of 277,934 common shares worth approximately €38.9 million from the Italian Stock Exchange and the New York Stock Exchange between Sept. 9 and Sept. 13.

The Italian automaker repurchased the shares at an average price of €139.83 per share, according to a Sept. 16 release.

Ferrari repurchased 195,134 shares from the Italian Stock Exchange for a total consideration of €27.4 million and repurchased 82,800 shares from the New York Stock Exchange for a total consideration of €12.7 million, or $11.5 million.

The shares were bought back in Milan at an average price of €140.20 per share, while in New York, the shares were repurchased at an average price of $153.30 per share.

The buyback follows €4.2 million worth of shares the company repurchased in the previous week.

Ferrari has so far bought back shares worth about €100.7 million in Milan and $17.6 million worth of stock in New York under the second tranche of its multi-year share buyback program.