Ferrari (NYSE:RACE) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Ferrari (NYSE:RACE) by 11.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,375 shares of the company’s stock after buying an additional 17,259 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ferrari were worth $56,180,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RACE. Jamison Private Wealth Management Inc. purchased a new stake in Ferrari during the 4th quarter valued at about $27,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Ferrari in the second quarter valued at approximately $33,000. Householder Group Estate & Retirement Specialist LLC grew its position 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 valued at $35,000 after purchasing an additional 80 shares in the last quarter. Blue Trust Inc. increased 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 valued at $38,000 after purchasing an additional 30 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Ferrari during the first quarter worth approximately $39,000.

Ferrari Price Performance

Shares of RACE stock opened at $412.52 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. The firm’s 50 day moving average price is $416.64 and its 200-day moving average price is $366.18. Ferrari has a one year low of $272.70 and a one year 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 analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. On average, research analysts forecast that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. UBS Group lifted their target price on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Sanford C. Bernstein boosted their target price on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Finally, Bank of America upped their price objective on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $393.86.

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.