Ballentine Partners LLC Has $624,000 Stock Holdings in Ferrari (NYSE:RACE)

Ballentine Partners LLC boosted its holdings in Ferrari (NYSE:RACE) by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,431 shares of the company’s stock after acquiring an additional 77 shares during the quarter. Ballentine Partners LLC’s holdings in Ferrari were worth $624,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RACE. Logan Capital Management Inc. grew its position in Ferrari by 1.9% in the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after acquiring an additional 87 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Ferrari by 1.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after purchasing an additional 40 shares during the last quarter. Vanguard Group Inc. boosted its position in Ferrari by 1.4% in the third 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. grew its stake in Ferrari by 12.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock worth $632,000 after buying an additional 230 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its stake in shares of Ferrari by 15.6% in the third quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock valued at $924,000 after acquiring an additional 422 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE traded up $8.65 during mid-day trading on Monday, hitting $423.30. The stock had a trading volume of 32,697 shares, compared to its average volume of 282,576. Ferrari has a twelve month low of $285.02 and a twelve month high of $442.80. The company’s 50 day simple moving average is $414.94 and its 200 day simple moving average is $394.67. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings data 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. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. As a group, equities analysts forecast that Ferrari will post 8.2 earnings per share for the current fiscal year.

Ferrari Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RACE. Citigroup downgraded shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Morgan Stanley restated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research report on Monday, April 22nd. Evercore ISI lifted their price target on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Finally, StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $456.67.

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.