Truist Financial Corp Acquires 1,432 Shares of Ferrari (NYSE:RACE)

Truist Financial Corp grew its holdings in Ferrari (NYSE:RACE) by 11.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,970 shares of the company’s stock after acquiring an additional 1,432 shares during the quarter. Truist Financial Corp’s holdings in Ferrari were worth $4,728,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Legal & General Group Plc grew its holdings in shares of Ferrari by 8,986.8% during the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of Ferrari during the third quarter worth about $157,620,000. International Assets Investment Management LLC bought a new position in shares of Ferrari during the fourth quarter worth about $162,296,000. Mackenzie Financial Corp grew its holdings in shares of Ferrari by 172.8% during the fourth quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock worth $111,508,000 after buying an additional 208,966 shares in the last quarter. Finally, Banco Santander S.A. grew its holdings in shares of Ferrari by 68.7% during the third quarter. Banco Santander S.A. now owns 452,217 shares of the company’s stock worth $133,840,000 after buying an additional 184,078 shares in the last quarter.

Analyst Ratings Changes

A number of research firms recently issued reports on RACE. Bank of America increased their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. UBS Group raised their price target on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Evercore ISI raised their price target on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Finally, Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $413.86.

Ferrari Price Performance

RACE opened at $430.29 on Monday. Ferrari has a 12-month low of $283.20 and a 12-month high of $442.80. The business has a 50 day moving average of $422.25 and a 200-day moving average of $375.90. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.61 billion. As a group, research analysts predict that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were given a $2.443 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a dividend yield of 0.62%.

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.