Sunbelt Securities Inc. Buys 142 Shares of Ferrari (NYSE:RACE)

Sunbelt Securities Inc. increased its stake in shares of Ferrari (NYSE:RACE) by 97.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 288 shares of the company’s stock after buying an additional 142 shares during the quarter. Sunbelt Securities Inc.’s holdings in Ferrari were worth $126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Ballentine Partners LLC lifted its position in shares of Ferrari by 5.7% during the 1st quarter. Ballentine Partners LLC now owns 1,431 shares of the company’s stock worth $624,000 after buying an additional 77 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of Ferrari during the 1st quarter worth approximately $244,000. International Assets Investment Management LLC lifted its position in shares of Ferrari by 104.1% during the 1st quarter. International Assets Investment Management LLC now owns 2,892 shares of the company’s stock worth $1,249,000 after buying an additional 1,475 shares during the period. Marcum Wealth LLC bought a new position in shares of Ferrari during the 1st quarter worth approximately $324,000. Finally, Park Avenue Securities LLC lifted its position in shares of Ferrari by 24.8% during the 1st quarter. Park Avenue Securities LLC now owns 5,367 shares of the company’s stock worth $2,342,000 after buying an additional 1,066 shares during the period.

Ferrari Stock Down 0.3 %

NYSE RACE opened at $408.37 on Friday. The stock has a fifty day moving average of $415.26 and a 200-day moving average of $396.12. The stock has a market capitalization of $75.45 billion, a P/E ratio of 52.15, a price-to-earnings-growth ratio of 5.01 and a beta of 1.01. Ferrari has a 52 week low of $285.02 and a 52 week high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, beating the consensus estimate of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. On average, equities research analysts forecast that Ferrari will post 8.13 EPS for the current year.

Ferrari Dividend Announcement

The business also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. The ex-dividend date was Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari’s dividend payout ratio (DPR) is presently 6.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Evercore ISI lifted their price objective on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Morgan Stanley reiterated an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research report on Monday, April 22nd. Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Jefferies Financial Group assumed coverage on Ferrari in a research report on Friday, May 10th. They issued a “hold” rating and a $403.00 price objective for the company. 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 company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $461.67.

Ferrari Company 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.