Ferrari (NYSE:RACE) Launching Share Buyback Program

Ferrari (NYSE:RACE) Launching Share Buyback Program

Ferrari (NYSE:RACE) Launching Share Buyback Program

$RACE

Friday after the close, Ferrari (NYSE:RACE) announced plans to launch a buyback program for the repurchase from time to time of up $122.6-M in its common shares.

“The maximum number of common shares that can be acquired is equal to 10% of the company’s issued common shares,” the Maranello outfit’s management said.

The iconic Italian supercar maker said the number and value of shares acquired, and the timing, will depend on market conditions and other factors.

The program implements a decision taken at the company’s shareholder meeting in April 2017, which authorized the acquisition of up to 10% of Ferrari’s common shares within 18 months from the meeting.

Ferrari, the Aristocrat of carmakers, is the #1 brand in the world automotive sector, trades at a luxury P/E ratio and pays a dividend. 

Symbol Last Trade Date Change Open High Low Volume
NYSE:RACE 120.24 9 February 2018 0.62 119.26 121.03 117.22 1,076,500
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Bullish (0.28) Neutral (0.12) Bullish (0.25) Bullish (0.47)

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