Ferrari (NYSE:RACE) Stock Position Increased by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in Ferrari (NYSE:RACE) by 24.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,367 shares of the company’s stock after purchasing an additional 1,066 shares during the quarter. Park Avenue Securities LLC’s holdings in Ferrari were worth $2,342,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after purchasing an additional 46,938 shares during the last quarter. Norges Bank acquired a new position in shares of Ferrari in the 4th quarter worth approximately $572,523,000. Capital Research Global Investors grew its stake in shares of Ferrari by 0.6% in the 4th quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock worth $431,876,000 after purchasing an additional 7,451 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Ferrari by 8,986.8% in the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after purchasing an additional 993,044 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its stake in shares of Ferrari by 73.7% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock worth $311,740,000 after purchasing an additional 392,401 shares during the last quarter.

Ferrari Price Performance

RACE stock opened at $414.65 on Friday. 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 firm has a 50 day simple moving average of $414.94 and a 200 day simple moving average of $394.44. Ferrari has a 52 week low of $285.02 and a 52 week high of $442.80.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping the consensus estimate 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%. On average, equities analysts forecast that Ferrari will post 8.2 earnings per share for the current fiscal year.

Ferrari Dividend Announcement

The business also recently declared an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were issued a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date was Monday, April 22nd. Ferrari’s dividend payout ratio is currently 33.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RACE shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Citigroup downgraded shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Evercore ISI lifted their target price on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. Finally, Bank of America lifted their target price on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. One equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target 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.