Ferrari (NYSE:RACE) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC boosted its stake in Ferrari (NYSE:RACE) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,051 shares of the company’s stock after purchasing an additional 51 shares during the period. Miracle Mile Advisors LLC’s holdings in Ferrari were worth $1,766,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Logan Capital Management Inc. increased its holdings in Ferrari by 1.9% in the 4th quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after purchasing an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Ferrari by 1.0% in 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 in the last quarter. Vanguard Group Inc. increased its holdings in Ferrari by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after purchasing an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Ferrari by 12.0% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after purchasing an additional 230 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in Ferrari by 15.7% in the 4th quarter. Whittier Trust Co. now owns 2,516 shares of the company’s stock valued at $851,000 after purchasing an additional 341 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE stock opened at $410.24 on Tuesday. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. Ferrari has a one year low of $285.02 and a one year high of $442.80. The company’s 50-day simple moving average is $415.26 and its 200-day simple moving average is $396.31.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping the consensus estimate of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. As a group, research analysts forecast that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RACE. Jefferies Financial Group began coverage on Ferrari in a report on Friday, May 10th. They issued a “hold” rating and a $403.00 price target for the company. Bank of America raised their target price on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Evercore ISI raised their target price on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Morgan Stanley restated an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. Finally, UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Ferrari currently has a consensus rating of “Hold” and an average price target of $461.67.

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.