Forza Wealth Management LLC Makes New Investment in Ferrari (NYSE:RACE)

Forza Wealth Management LLC acquired a new stake in shares of Ferrari (NYSE:RACE) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 500 shares of the company’s stock, valued at approximately $218,000.

Several other large investors have also recently made changes to their positions in RACE. Register Financial Advisors LLC bought a new stake in Ferrari in the first quarter worth $33,000. Jamison Private Wealth Management Inc. bought a new stake in shares of Ferrari in the 4th quarter worth about $27,000. Householder Group Estate & Retirement Specialist LLC raised its position in shares of Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock valued at $35,000 after buying an additional 80 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Ferrari by 37.0% in the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Ferrari in the 4th quarter valued at about $43,000.

Analysts Set New Price Targets

Several research firms recently weighed in on RACE. Evercore ISI increased their price target on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Morgan Stanley restated an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Citigroup downgraded shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Finally, Sanford C. Bernstein boosted their target price on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. 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 company’s stock. Based on data from MarketBeat.com, Ferrari has a consensus rating of “Hold” and a consensus price target of $413.86.

Ferrari Price Performance

Ferrari stock traded up $0.18 during mid-day trading on Monday, reaching $422.64. 146,778 shares of the company were exchanged, compared to its average volume of 305,112. Ferrari has a 12-month low of $273.39 and a 12-month high of $442.80. The business has a fifty day moving average of $420.92 and a 200 day moving average of $372.75. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.61 billion. As a group, research analysts forecast that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be given a dividend of $2.443 per share. This represents a yield of 0.62%. The ex-dividend date of this dividend is Monday, April 22nd.

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.