Ferrari (NYSE:RACE) announces that it completed its 1st tranche of buybacks this year and is on to a 2nd round of EUR 200-M.
The amount invested by the automaker in the 1st tranche was EUR 99.5-M for 869-K/ shares purchased on the MTA and $56.34-M for 375-K shares on the NYSE.
The new buyback round will end no later than 27 December.
Ferrari (RACE) rating Buy
HQ’d in Maranello, Italy, Ferrari is a luxury sports car manufacturer. Ferrari’s stock has performed extremely well YTD, with a 61%+ gainer.
RACE has significantly outperformed its industry’s 21.5% average and done even better when compared to the S&P 500, which has gained 15%+ YTD.
Ferrari is expected to have strong growth over the next 2 years.
The Zacks Consensus Estimates call for FY 2019 revenue growth of 4.94%, which is set to help boost bottom line growth by an estimated 2.49%.
On Top of these numbers, FY 2020 is expected to see earnings growth of 9.47%, on the back of 7.84% revenue expansion.
Based on these estimates, FY 2020 EPS is expected to be $4.51 per share, $0.49, or 12%, higher than FY 2018’s EPS.
Ferrari stock has been on a Bull run of late and the expected growth could help drive RACE stock higher.
Ferrari is the Aristocrat of the automotive sector.
The iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.
HeffX-LTN overall technical outlook for RACE is Very Bullish, overhead resistance now stands at 167.00, and support at 160.36, all Key indicators are Very Bullish in here. Ferrari finished at 163.19, +1.77 Monday in NY.
Have a terrific Holiday week.