Ferrari (NYSE:RACE) is Bank of Italy’s 2nd Largest Position

Bank of Italy cut its stake in shares of Ferrari (NYSE:RACE) by 0.9% in the fourth quarter, HoldingsChannel reports. The fund owned 2,275,945 shares of the company’s stock after selling 19,958 shares during the period. Ferrari makes up approximately 25.1% of Bank of Italy’s holdings, making the stock its 2nd largest holding. Bank of Italy’s holdings in Ferrari were worth $767,553,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Ferrari by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after acquiring an additional 61,132 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in shares of Ferrari by 12.0% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after acquiring an additional 230 shares during the period. Sequoia Financial Advisors LLC boosted its stake in 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 purchasing an additional 40 shares during the period. Alphinity Investment Management Pty Ltd bought a new position in Ferrari in the 3rd quarter worth approximately $157,620,000. Finally, Syntal Capital Partners LLC bought a new position in Ferrari in the 3rd quarter worth approximately $511,000.

Analyst Ratings Changes

Several research firms have weighed in on RACE. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday. Morgan Stanley restated an “overweight” rating and issued a $400.00 price target on shares of Ferrari in a research note on Monday, April 22nd. Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Finally, Bank of America upped their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $413.86.

Ferrari Trading Up 2.2 %

Shares of NYSE RACE traded up $9.05 during midday trading on Thursday, reaching $424.99. 214,105 shares of the stock traded hands, compared to its average volume of 300,714. The company’s 50 day moving average is $421.70 and its 200 day moving average is $373.78. Ferrari has a one year low of $277.46 and a one year high of $442.80. 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 released its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. On average, research analysts anticipate that Ferrari will post 8.31 EPS for the current year.

Ferrari Dividend Announcement

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

Ferrari 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.