Park Place Capital Corp Sells 167 Shares of Ferrari (NYSE:RACE)

Park Place Capital Corp trimmed its position in Ferrari (NYSE:RACE) by 20.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 654 shares of the company’s stock after selling 167 shares during the quarter. Park Place Capital Corp’s holdings in Ferrari were worth $285,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Jamison Private Wealth Management Inc. bought a new stake in shares of Ferrari in the fourth quarter worth about $27,000. Register Financial Advisors LLC bought a new stake in Ferrari during the first quarter worth approximately $33,000. Householder Group Estate & Retirement Specialist LLC increased its stake in Ferrari by 320.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after acquiring an additional 80 shares during the last quarter. Blue Trust Inc. increased its stake in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Ferrari during the fourth quarter worth approximately $43,000.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $410.24 on Tuesday. Ferrari has a 1 year low of $285.02 and a 1 year high of $442.80. The business has a 50 day simple moving average of $415.26 and a two-hundred day simple moving average of $396.31. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

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

Ferrari Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RACE shares. Bank of America boosted their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Sanford C. Bernstein boosted their price objective on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Morgan Stanley reissued an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. UBS Group boosted their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Ferrari 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.