Ballentine Partners LLC Raises Stock Holdings in Ferrari (NYSE:RACE)

Ballentine Partners LLC grew its position in shares of Ferrari (NYSE:RACE) by 5.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,431 shares of the company’s stock after buying an additional 77 shares during the quarter. Ballentine Partners LLC’s holdings in Ferrari were worth $624,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RACE. Vanguard Group Inc. lifted its position in Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after acquiring an additional 46,938 shares during the period. Norges Bank bought a new stake 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 buying an additional 7,451 shares during the last quarter. Legal & General Group Plc increased its position in Ferrari by 8,986.8% during the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after buying an additional 993,044 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its stake in shares of Ferrari by 73.7% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock worth $311,740,000 after acquiring an additional 392,401 shares during the last quarter.

Ferrari Price Performance

RACE stock traded up $8.65 during trading on Monday, reaching $423.30. The stock had a trading volume of 32,697 shares, compared to its average volume of 282,576. Ferrari has a 52 week low of $285.02 and a 52 week high of $442.80. The stock’s 50 day moving average is $414.94 and its two-hundred day moving average is $394.67. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.73 billion. As a group, equities analysts expect that Ferrari will post 8.2 earnings per share for the current fiscal year.

Ferrari Announces Dividend

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

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent analyst reports. Sanford C. Bernstein boosted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 price target on shares of Ferrari in a report on Monday, April 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Bank of America upped their price target on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average 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.