Neuberger Berman Group LLC Buys 72,610 Shares of Ferrari (NYSE:RACE)

Posted by on Jun 8th, 2023

Neuberger Berman Group LLC increased its holdings in shares of Ferrari (NYSE:RACE – Get Rating) by 518.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 86,610 shares of the company’s stock after buying an additional 72,610 shares during the quarter. Neuberger Berman Group LLC’s holdings in Ferrari were worth $18,509,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. GSA Capital Partners LLP raised its position in Ferrari by 9.0% in the fourth quarter. GSA Capital Partners LLP now owns 1,896 shares of the company’s stock valued at $406,000 after purchasing an additional 156 shares during the last quarter. Atria Wealth Solutions Inc. boosted its holdings in Ferrari by 38.3% in the fourth quarter. Atria Wealth Solutions Inc. now owns 2,487 shares of the company’s stock worth $533,000 after acquiring an additional 689 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Ferrari by 132.8% in the fourth quarter. CIBC Private Wealth Group LLC now owns 211,198 shares of the company’s stock worth $45,243,000 after acquiring an additional 120,460 shares in the last quarter. Bank of America Corp DE boosted its holdings in Ferrari by 13.8% in the fourth quarter. Bank of America Corp DE now owns 392,199 shares of the company’s stock worth $84,017,000 after acquiring an additional 47,460 shares in the last quarter. Finally, Creative Planning boosted its holdings in Ferrari by 32.3% in the fourth quarter. Creative Planning now owns 4,645 shares of the company’s stock worth $995,000 after acquiring an additional 1,134 shares in the last quarter. 32.21% of the stock is currently owned by institutional investors.

Ferrari Stock Down 0.9 %

NYSE:RACE opened at $294.53 on Thursday. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.17 and a quick ratio of 3.41. The business has a fifty day simple moving average of $284.78 and a two-hundred day simple moving average of $257.31. Ferrari has a 1 year low of $167.45 and a 1 year high of $302.86.

Ferrari (NYSE:RACE – Get Rating) last released its earnings results on Thursday, May 4th. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.17. Ferrari had a return on equity of 39.25% and a net margin of 18.68%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.47 billion. On average, analysts anticipate that Ferrari will post 6.53 earnings per share for the current year.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which was paid on Friday, May 5th. Shareholders of record on Tuesday, April 25th were given a $1.9876 dividend. This is an increase from Ferrari’s previous annual dividend of $1.36. This represents a yield of 0.5%. The ex-dividend date was Monday, April 24th.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RACE. UBS Group raised their target price on Ferrari from $345.00 to $365.00 in a report on Tuesday, May 9th. JPMorgan Chase & Co. raised their target price on Ferrari from $245.00 to $260.00 in a report on Monday, May 8th. StockNews.com began coverage on Ferrari in a report on Thursday, May 18th. They issued a “buy” rating on the stock. The Goldman Sachs Group upgraded Ferrari from a “sell” rating to a “neutral” rating and raised their target price for the company from $182.00 to $283.00 in a report on Thursday, April 6th. Finally, Morgan Stanley restated an “overweight” rating and issued a $310.00 target price on shares of Ferrari in a report on Wednesday, March 29th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $265.40.

Ferrari Profile

(Get Rating)

Ferrari NV is a holding company, which engages in the design, engineering, production, and sale of luxury sports cars. The firm’s models include the F12Berlinetta, 488GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing such as Formula One.

Featured Stories

Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

Receive News & Ratings for Ferrari Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ferrari and related companies with MarketBeat.com's FREE daily email newsletter.