Maranello, 16 March 2020 – Ferrari (NYSE/MTA: RACE) announces that under the third tranche of the common share buyback program announced on 14 November 2019 (“Third Tranche”), the Company has purchased additional common shares – reported in aggregate form, on a daily basis – on the Italian Stock Exchange (MTA) as follows:
|Stock Exchange||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 13 March 2020, the total invested consideration has been:
- Euro 122,043,373.30 for No. 840,244 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. 9,423,568 common shares held in treasury as of 13 March 2020. As of the same date, the Company held 3.66% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.
To date, since 1 January 2019, the Company has purchased a total of 3,691,094 own common shares on MTA and NYSE for a total consideration of Euro 498,952,229.81.
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 (http://corporate.ferrari.com/en/investors/stock-and-shareholder-corner/buyback-programs).
(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase.
HeffX-LTN overall technical outlook for RACE is Neutral, there is Key resistance 167.46 and support is NIL, 1 of my Key indicators the Stochastics has turned Very Bullish as the stock is very oversold in here.
Ferrari finished at 136.61, or +7.29 Tuesday 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 and siding with BAML to 230 long term for now.
Have a healthy day