Stock Repurchases Beta Industries has net income of $2,000,000, and it has 1,000,000 shares of common stock outstanding. The companys stock currently trades at $32 a share. Beta is considering a plan in which it will use available cash to repurchase 20% of its shares in the open market. The repurchase is expected to have no effect on new income or the companys P/E ratio. What will be Betas stock price following the stock repurchase?