Lake Street Private Wealth LLC Sells 47 Shares of Ferrari (NYSE:RACE)

Lake Street Private Wealth LLC cut its position in shares of Ferrari (NYSE:RACE) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 763 shares of the company’s stock after selling 47 shares during the period. Lake Street Private Wealth LLC’s holdings in Ferrari were worth $333,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Logan Capital Management Inc. raised its position in shares of Ferrari by 1.9% in the 4th quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after acquiring an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Ferrari by 1.0% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after acquiring an additional 40 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Ferrari by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock worth $1,312,614,000 after acquiring an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Ferrari by 12.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock worth $632,000 after acquiring an additional 230 shares in the last quarter. Finally, Whittier Trust Co. raised its position in shares of Ferrari by 15.7% in the 4th quarter. Whittier Trust Co. now owns 2,516 shares of the company’s stock worth $851,000 after acquiring an additional 341 shares in the last quarter.

Ferrari Stock Performance

Ferrari stock opened at $422.72 on Friday. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. The business’s 50-day simple moving average is $415.09 and its two-hundred day simple moving average is $397.23. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $442.80.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.08. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. As a group, sell-side analysts forecast 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. Shareholders of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. The ex-dividend date of this dividend was Monday, April 22nd. This represents a yield of 0.62%.

Wall Street Analyst Weigh In

RACE has been the subject of several recent research reports. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. UBS Group boosted their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Jefferies Financial Group assumed coverage on Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 target price on the stock. Evercore ISI boosted their target price on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. Finally, Bank of America boosted their target price on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note 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 given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.