PNC Financial Services Group Inc. Raises Stock Holdings in Ferrari (NYSE:RACE)

PNC Financial Services Group Inc. boosted its holdings in Ferrari (NYSE:RACE) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,585 shares of the company’s stock after purchasing an additional 456 shares during the period. PNC Financial Services Group Inc.’s holdings in Ferrari were worth $5,275,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Kestra Advisory Services LLC lifted its holdings in Ferrari by 15.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock worth $924,000 after buying an additional 422 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in Ferrari during the 3rd quarter worth approximately $3,782,000. Envestnet Asset Management Inc. lifted its holdings in Ferrari by 44.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 290,694 shares of the company’s stock worth $85,945,000 after buying an additional 89,130 shares during the last quarter. Invesco Ltd. lifted its holdings in Ferrari by 61.6% during the 3rd quarter. Invesco Ltd. now owns 255,857 shares of the company’s stock worth $75,616,000 after buying an additional 97,546 shares during the last quarter. Finally, Mariner LLC lifted its holdings in Ferrari by 3.6% during the 3rd quarter. Mariner LLC now owns 10,956 shares of the company’s stock worth $3,238,000 after buying an additional 380 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RACE shares. Sanford C. Bernstein increased their price target on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Bank of America increased their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Ferrari currently has a consensus rating of “Hold” and an average price target of $456.67.

Ferrari Price Performance

RACE opened at $414.36 on Wednesday. Ferrari has a 12 month low of $285.02 and a 12 month high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. The stock’s 50 day moving average price is $414.97 and its 200 day moving average price is $393.46.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. On average, analysts anticipate that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Dividend Announcement

The company also recently declared an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were given a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date was 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.