13. Problem 15.03 (Stock Repurchases)

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Gamma Industries has net income of $900,000, and it has 1,200,000 shares of common stock outstanding. The company's stock currently trades at $56 a share. Gamma is considering a plan in which it will use available cash to repurchase 10% of its shares in the open market at the current $56 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.

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