Ferrari (NYSE:RACE) Shares Sold by LGT Group Foundation

LGT Group Foundation lowered its position in Ferrari (NYSE:RACE) by 5.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,890 shares of the company’s stock after selling 813 shares during the quarter. LGT Group Foundation’s holdings in Ferrari were worth $4,668,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Ferrari by 37.0% during the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the last quarter. Merlin Capital Inc increased its position in Ferrari by 1.3% in the third quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock worth $738,000 after buying an additional 32 shares during the period. Allworth Financial LP increased its position in Ferrari by 17.0% in the fourth quarter. Allworth Financial LP now owns 255 shares of the company’s stock worth $86,000 after buying an additional 37 shares during the period. Lindbrook Capital LLC increased its position in Ferrari by 8.1% in the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock worth $172,000 after buying an additional 38 shares during the period. Finally, Simplicity Solutions LLC increased its position in Ferrari by 2.8% in the third quarter. Simplicity Solutions LLC now owns 1,411 shares of the company’s stock worth $417,000 after buying an additional 39 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RACE. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday. Sanford C. Bernstein increased their price target on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 price target on shares of Ferrari in a research note on Monday, April 22nd. Finally, Bank of America raised their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Ferrari has an average rating of “Hold” and a consensus price target of $413.86.

Ferrari Stock Performance

NYSE:RACE traded up $5.06 on Friday, hitting $429.62. The company’s stock had a trading volume of 206,932 shares, compared to its average volume of 299,522. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. The stock has a fifty day moving average of $421.97 and a two-hundred day moving average of $374.14. Ferrari has a one year low of $283.20 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 for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Research analysts expect that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Announces Dividend

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

Ferrari 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.