Newbridge Financial Services Group Inc. Reduces Stake in Ferrari (NYSE:RACE)

Newbridge Financial Services Group Inc. lessened its stake in Ferrari (NYSE:RACE) by 31.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 92 shares of the company’s stock after selling 42 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Ferrari were worth $31,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Logan Capital Management Inc. boosted its position in 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 purchasing an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position 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 in the last quarter. Vanguard Group Inc. lifted its position 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 buying an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position 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 buying an additional 230 shares in the last quarter. Finally, Kestra Advisory Services LLC lifted its position in shares of Ferrari by 15.6% during the 3rd quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock valued at $924,000 after buying an additional 422 shares in the last quarter.

Analysts Set New Price Targets

RACE has been the topic of a number of recent analyst reports. Evercore ISI increased their target price on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Bank of America increased their target price on 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 report on Thursday, April 18th. Jefferies Financial Group initiated coverage on Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 target price on the stock. 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 company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $456.67.

Ferrari Stock Down 0.4 %

NYSE RACE opened at $414.36 on Wednesday. The business has a fifty day moving average price of $414.97 and a 200 day moving average price of $393.46. Ferrari has a one year low of $285.02 and a one year high of $442.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.73 billion. On average, equities research analysts forecast that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Dividend Announcement

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

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.