Miracle Mile Advisors LLC Acquires 51 Shares of Ferrari (NYSE:RACE)

Miracle Mile Advisors LLC boosted its holdings in Ferrari (NYSE:RACE) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,051 shares of the company’s stock after acquiring an additional 51 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Ferrari were worth $1,766,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Kolinsky Wealth Management LLC lifted its position in shares of Ferrari by 2.2% during the fourth quarter. Kolinsky Wealth Management LLC now owns 1,704 shares of the company’s stock worth $577,000 after purchasing an additional 36 shares in the last quarter. Allworth Financial LP lifted its position in shares of Ferrari by 17.0% during the fourth quarter. Allworth Financial LP now owns 255 shares of the company’s stock worth $86,000 after purchasing an additional 37 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Ferrari by 8.1% during the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock worth $172,000 after purchasing an additional 38 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Ferrari by 22.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 216 shares of the company’s stock worth $73,000 after purchasing an additional 39 shares in the last quarter.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $410.24 on Tuesday. Ferrari has a 52 week low of $285.02 and a 52 week high of $442.80. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average price of $415.26 and a two-hundred day moving average price of $396.31.

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

Ferrari Dividend Announcement

The business also recently disclosed 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RACE. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 price target for the company. Bank of America boosted their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Citigroup downgraded shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Finally, UBS Group boosted their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $461.67.

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.