Nuveen Asset Management LLC Increases Stock Position in Ferrari (NYSE:RACE)

Nuveen Asset Management LLC grew its holdings in Ferrari (NYSE:RACE) by 4.2% during the 4th quarter, Holdings Channel reports. The firm owned 458,027 shares of the company’s stock after buying an additional 18,577 shares during the period. Nuveen Asset Management LLC’s holdings in Ferrari were worth $195,595,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RACE. Hanson & Doremus Investment Management purchased a new stake in Ferrari in the 4th quarter valued at approximately $26,000. Armstrong Advisory Group Inc. increased its position in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Ferrari in the fourth quarter worth $45,000. Plato Investment Management Ltd purchased a new stake in shares of Ferrari in the fourth quarter valued at $53,000. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Ferrari by 705.9% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock valued at $58,000 after acquiring an additional 120 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. UBS Group boosted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $526.25.

Ferrari Price Performance

RACE opened at $495.07 on Friday. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13. The company’s 50 day simple moving average is $445.89 and its 200 day simple moving average is $447.18. The stock has a market capitalization of $119.99 billion, a PE ratio of 54.11, a P/E/G ratio of 4.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the firm posted $1.95 earnings per share. Ferrari’s revenue was up 13.0% on a year-over-year basis. As a group, sell-side analysts expect that Ferrari will post 9.22 EPS for the current year.

Ferrari Increases Dividend

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

About Ferrari

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.