Kovack Advisors Inc. Trims Stock Position in Ferrari (NYSE:RACE)

Kovack Advisors Inc. trimmed its stake in Ferrari (NYSE:RACE) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,789 shares of the company’s stock after selling 25 shares during the period. Kovack Advisors Inc.’s holdings in Ferrari were worth $780,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of RACE. Vanguard Group Inc. grew its position 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 buying an additional 46,938 shares during the period. Norges Bank bought a new position in Ferrari during the 4th quarter valued at approximately $572,523,000. Capital Research Global Investors raised its stake in Ferrari by 0.6% during the fourth quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock valued at $431,876,000 after buying an additional 7,451 shares during the last quarter. Legal & General Group Plc boosted its holdings in Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after acquiring an additional 993,044 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd boosted its holdings in 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 in the last quarter.

Ferrari Price Performance

NYSE:RACE opened at $422.72 on Friday. Ferrari has a one year low of $285.02 and a one year high of $442.80. The business has a fifty day moving average price of $415.09 and a 200-day moving average price of $397.23. 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 released its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Analysts anticipate that Ferrari will post 8.2 earnings per share for the current fiscal year.

Ferrari Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently issued reports on RACE. Evercore ISI lifted their price target on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Bank of America raised their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Finally, UBS Group increased their price objective on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. One 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, Ferrari currently has an average rating of “Hold” and an average target price of $461.67.

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.