HighPoint Advisor Group LLC Makes New Investment in Ferrari (NYSE:RACE)

HighPoint Advisor Group LLC bought a new stake in Ferrari (NYSE:RACE) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 976 shares of the company’s stock, valued at approximately $330,000.

Other hedge funds also recently modified their holdings of the company. Logan Capital Management Inc. raised its position in Ferrari by 1.9% during the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after buying an additional 87 shares during the period. Sequoia Financial Advisors LLC lifted its position in shares of Ferrari by 1.0% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after purchasing an additional 40 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ferrari by 1.4% during the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock worth $1,312,614,000 after purchasing an additional 61,132 shares during the period. B. Riley Wealth Advisors Inc. grew its position in Ferrari by 12.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after purchasing an additional 230 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its stake in Ferrari by 15.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock valued at $924,000 after buying an additional 422 shares during the period.

Ferrari Stock Up 1.4 %

Shares of RACE stock opened at $420.18 on Friday. The stock’s 50 day simple moving average is $414.85 and its 200 day simple moving average is $393.79. Ferrari has a twelve month low of $285.02 and a twelve month high of $442.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. As a group, equities research analysts forecast that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RACE shares. Jefferies Financial Group started coverage on shares of Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 target price for the company. Morgan Stanley restated an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Evercore ISI lifted their price target on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Finally, Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. 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 company’s stock. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Hold” and a consensus target price of $456.67.

About Ferrari

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.