First Hawaiian Bank Invests $1.28 Million in Ferrari (NYSE:RACE)

First Hawaiian Bank acquired a new stake in Ferrari (NYSE:RACE) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 2,927 shares of the company’s stock, valued at approximately $1,276,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RACE. Symmetry Partners LLC purchased a new position in Ferrari during the 1st quarter valued at about $303,000. HighPoint Advisor Group LLC purchased a new position in shares of Ferrari during the fourth quarter worth about $330,000. Quadrature Capital Ltd purchased a new position in shares of Ferrari during the fourth quarter worth about $25,497,000. PNC Financial Services Group Inc. grew its holdings in shares of Ferrari by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,585 shares of the company’s stock worth $5,275,000 after purchasing an additional 456 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of Ferrari by 13.1% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,420 shares of the company’s stock worth $819,000 after purchasing an additional 280 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE stock opened at $414.36 on Thursday. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $442.80. The stock has a 50 day moving average price of $414.86 and a two-hundred day moving average price of $393.61.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share 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 firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. As a group, research analysts forecast that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Announces Dividend

The business also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Shareholders 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 yield of 0.62%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RACE. Bank of America boosted 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. Sanford C. Bernstein upped their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Ferrari has an average rating of “Hold” and a consensus price target of $456.67.

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.