Stock repurchases
Beta Industries has net income of $1,700,000, and it has 1,830,000 shares of common stock outstanding. The company's stock currently trades at $61 a share. Beta is considering a plan in which it will use available cash to repurchase 15% of its shares in the open market. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be its stock price following the stock repurchase? Round your answer to two decimal places.