Castleark Management LLC Raises Stock Holdings in Ferrari (NYSE:RACE)

Castleark Management LLC increased its stake in Ferrari (NYSE:RACE) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,018 shares of the company’s stock after purchasing an additional 1,080 shares during the period. Castleark Management LLC’s holdings in Ferrari were worth $8,080,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Hanson & Doremus Investment Management bought a new stake in Ferrari during the fourth quarter worth about $26,000. Kestra Investment Management LLC bought a new stake in Ferrari in the 4th quarter worth approximately $45,000. Plato Investment Management Ltd purchased a new stake in Ferrari in the fourth quarter worth approximately $53,000. Newbridge Financial Services Group Inc. boosted its stake in Ferrari by 705.9% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock worth $58,000 after buying an additional 120 shares in the last quarter. Finally, Pittenger & Anderson Inc. grew its position in Ferrari by 53.2% during the fourth quarter. Pittenger & Anderson Inc. now owns 144 shares of the company’s stock valued at $61,000 after acquiring an additional 50 shares during the last quarter.

Ferrari Trading Up 0.2%

NYSE:RACE opened at $498.59 on Wednesday. The firm has a market capitalization of $120.85 billion, a P/E ratio of 54.49, a P/E/G ratio of 4.43 and a beta of 1.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average of $449.11 and a 200 day moving average of $447.33. Ferrari has a 52 week low of $391.54 and a 52 week high of $509.13.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.95 earnings per share. On average, research analysts predict that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were issued a dividend of $3.1265 per share. This represents a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is currently 5.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RACE. JPMorgan Chase & Co. lowered their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. UBS Group raised their price objective on Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $526.25.

Ferrari Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.