Ferrari (NYSE:RACE) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Ferrari (NYSE:RACE) released its quarterly earnings results on Tuesday, May 7th. The company reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.06, Briefing.com reports. Ferrari had a return on equity of 53.74% and a net margin of 23.17%. The business had revenue of $940.00 million for the quarter, compared to analyst estimates of $868.32 million. During the same period in the prior year, the company earned $0.78 EPS. Ferrari’s revenue for the quarter was up 13.1% on a year-over-year basis. Ferrari updated its FY 2019 guidance to $3.92-4.14 EPS and its FY19 guidance to €3.50-3.70 EPS.

RACE opened at $143.00 on Friday. Ferrari has a one year low of $93.85 and a one year high of $149.85. The company has a debt-to-equity ratio of 1.39, a quick ratio of 3.67 and a current ratio of 4.27. The firm has a market capitalization of $27.31 billion, a PE ratio of 35.57, a PEG ratio of 2.20 and a beta of 1.53.

Several analysts have weighed in on RACE shares. Evercore ISI raised Ferrari from an “in-line” rating to an “outperform” rating in a report on Thursday, May 23rd. Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $140.00 to $160.00 in a research report on Thursday, May 9th. Credit Suisse Group raised their price objective on Ferrari from $148.00 to $158.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Zacks Investment Research downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Finally, HSBC lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Ferrari currently has a consensus rating of “Hold” and an average price target of $141.26.

Institutional investors and hedge funds have recently bought and sold shares of the company. SkyTop Capital Management LLC grew its holdings in shares of Ferrari by 5.3% in the 4th quarter. SkyTop Capital Management LLC now owns 10,000 shares of the company’s stock worth $994,000 after acquiring an additional 500 shares during the last quarter. Virtu Financial LLC grew its holdings in shares of Ferrari by 151.0% during the first quarter. Virtu Financial LLC now owns 5,353 shares of the company’s stock valued at $716,000 after buying an additional 3,220 shares in the last quarter. Henry James International Management Inc. grew its holdings in shares of Ferrari by 51.4% during the first quarter. Henry James International Management Inc. now owns 53,963 shares of the company’s stock valued at $7,220,000 after buying an additional 18,330 shares in the last quarter. Cerebellum GP LLC purchased a new position in shares of Ferrari during the fourth quarter valued at $260,000. Finally, Dimensional Fund Advisors LP boosted its position in Ferrari by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 22,553 shares of the company’s stock valued at $3,088,000 after purchasing an additional 624 shares during the last quarter. 36.00% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: “Ferrari (NYSE:RACE) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS” was first posted by Rockland Register and is the property of of Rockland Register. If you are accessing this piece on another publication, it was copied illegally and republished in violation of international copyright laws. The correct version of this piece can be viewed at https://rocklandregister.com/2019/05/31/ferrari-race-announces-quarterly-earnings-results.html.

About Ferrari

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

Read More: What is a good dividend yield?

Earnings History 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.