Ferrari Spinoff Shares Spike As CEO Camilleri Buy Bolsters Bulls
Feb 14, 2019
Ferrari’s CEO Louis C. Camilleri’s first purchase of stock has put him in the pole position to earn millions of dollars as the company goes from strength to strength. Last July, Ferrari announced Camilleri, former Chairman & CEO of Philip Morris International, was to take the helm following the stepping down of then-CEO & Chairman Sergio Marchionne.
Initially, shareholders found the news startling and their reaction put Ferrari on the back foot as shares tanked, but 8 months later they have returned to form. Camilleri’s decision to purchase shares for the first time on December 14, 2018 (buying 10,000 at $102.5 per share) has made his purchase of RACE stock worth over $1 million, and came exactly two weeks before Ferrari announced a share buy back program, leading way to a +26% return.
Analysts from The Edge use directors and insider dealings to form a significant part of the research process in Spinoffs and other special situations and have looked at the numbers in-depth.