Ferrari (NYSE/MTA:RACE) announces that under the 3rd tranche of the common share buyback program announced on 14 November 2019, the Company has purchased additional common shares – reported in aggregate form, on a daily basis – on the Italian Stock Exchange (MTA) as follows:
Number of common shares purchased
Average price per share
Consideration excluding fees
Since the announcement of the Third Tranche of the buyback program dated 14 November 2019 till 27 March 2020, the total invested consideration has been:
- Euro 125,748,011.70 for No. 870,769 common shares purchased on the MTA
- USD 29,985,333.60 (Euro 27,308,366.63*) for No. 185,717 common shares purchased on the NYSE
resulting in total No. 9,170,043 common shares held in treasury as of 27 March 2020. As of the same date, the Company held 3.57% of the total issued share capital including the common shares and the special voting shares.
To date, since 1 January 2019, the Company has purchased a total of 3,721,619 own common shares on MTA and NYSE for a total consideration of Euro 502,656,868.21.
A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section.
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase
Ferrari finished at 154.29, +4.26 Monday in NY, and shares were raised to Buy from Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now.
Have a healthy weekend, stay home!