Stock repurchases
Gamma Industries has net income of $600,000, and it has 1,840,000 shares of common stock outstanding. The company's stock currently trades at $62 a share.
Gamma is considering a plan in which it will use available cash to repurchase 30% of its shares in the open market at the current $62 stock price. 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? Do not round intermediate calculations. Round your answer to the nearest cent.