Bleakley Financial Group LLC Raises Position in Ferrari (NYSE:RACE)

Bleakley Financial Group LLC raised its stake in shares of Ferrari (NYSE:RACE) by 18.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,668 shares of the company’s stock after purchasing an additional 257 shares during the period. Bleakley Financial Group LLC’s holdings in Ferrari were worth $564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jamison Private Wealth Management Inc. purchased a new stake in shares of Ferrari in the fourth quarter worth approximately $27,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Ferrari in the second quarter worth approximately $33,000. Householder Group Estate & Retirement Specialist LLC raised its holdings in shares of Ferrari by 320.0% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after buying an additional 80 shares during the period. Blue Trust Inc. raised its holdings in shares of Ferrari by 37.0% in the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the period. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Ferrari in the first quarter worth approximately $39,000.

Ferrari Stock Performance

Shares of NYSE RACE opened at $410.40 on Friday. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The stock’s fifty day simple moving average is $413.95 and its two-hundred day simple moving average is $363.34. Ferrari has a 12-month low of $272.70 and a 12-month high of $442.80.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.15. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Equities analysts expect that Ferrari will post 8.31 EPS for the current year.

Ferrari Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd will be given a dividend of $2.443 per share. The ex-dividend date of this dividend is Monday, April 22nd. This represents a yield of 0.62%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RACE. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Bank of America increased their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group increased their price objective on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Ferrari currently has a consensus rating of “Hold” and an average price target of $363.57.

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.