Castleark Management LLC Buys 1,080 Shares of Ferrari (NYSE:RACE)

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

Other institutional investors have also added to or reduced their stakes in the company. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $26,000. Kestra Investment Management LLC bought a new position in Ferrari in the fourth quarter worth $45,000. Plato Investment Management Ltd purchased a new position in Ferrari during the fourth quarter valued at $53,000. Newbridge Financial Services Group Inc. lifted its position in Ferrari by 705.9% during the fourth 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 period. Finally, Pittenger & Anderson Inc. boosted its holdings in shares of Ferrari by 53.2% during the 4th quarter. Pittenger & Anderson Inc. now owns 144 shares of the company’s stock valued at $61,000 after buying an additional 50 shares in the last quarter.

Ferrari Stock Performance

Shares of Ferrari stock opened at $498.59 on Wednesday. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13. The firm’s 50-day moving average is $449.11 and its 200 day moving average is $447.33. The stock has a market cap of $120.85 billion, a price-to-earnings ratio of 54.49, a PEG ratio of 4.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

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

Ferrari Increases Dividend

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

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Thursday, May 15th. Finally, UBS Group upped their price target on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $526.25.

Ferrari Company 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.