Ferrari (NYSE:RACE) Shares Bought by Nuveen Asset Management LLC

Nuveen Asset Management LLC lifted its holdings in shares of Ferrari (NYSE:RACE) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 owned approximately 0.19% of Ferrari worth $195,595,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

Ferrari Stock Down 0.1%

RACE stock opened at $495.07 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company’s 50-day moving average price is $445.89 and its 200 day moving average price is $447.18. Ferrari has a 52 week low of $391.54 and a 52 week high of $509.13. The company has a market cap of $119.99 billion, a P/E ratio of 54.11, a P/E/G ratio of 4.43 and a beta of 1.13.

Ferrari (NYSE:RACE) last posted its quarterly earnings results 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 company had revenue of $1.94 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm earned $1.95 EPS. On average, research analysts expect that Ferrari will post 9.22 earnings per share for the current fiscal year.

Ferrari Increases Dividend

The company also recently announced 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%. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date was Wednesday, April 23rd. Ferrari’s payout ratio is presently 5.45%.

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.