Park Place Capital Corp Sells 167 Shares of Ferrari (NYSE:RACE)

Park Place Capital Corp lessened its holdings in shares of Ferrari (NYSE:RACE) by 20.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 654 shares of the company’s stock after selling 167 shares during the period. Park Place Capital Corp’s holdings in Ferrari were worth $285,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RACE. O Shaughnessy Asset Management LLC lifted its holdings in shares of Ferrari by 51.0% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 6,000 shares of the company’s stock valued at $1,773,000 after purchasing an additional 2,026 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Ferrari by 332.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 17,300 shares of the company’s stock valued at $5,113,000 after purchasing an additional 13,300 shares in the last quarter. Wahed Invest LLC lifted its stake in Ferrari by 7.5% in the 3rd quarter. Wahed Invest LLC now owns 906 shares of the company’s stock valued at $268,000 after acquiring an additional 63 shares in the last quarter. AXQ Capital LP bought a new stake in Ferrari in the 3rd quarter valued at approximately $205,000. Finally, Lido Advisors LLC lifted its stake in Ferrari by 29.3% in the 3rd quarter. Lido Advisors LLC now owns 945 shares of the company’s stock valued at $279,000 after acquiring an additional 214 shares in the last quarter.

Ferrari Stock Performance

Shares of Ferrari stock opened at $410.24 on Tuesday. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. The business’s 50 day moving average is $415.26 and its 200-day moving average is $396.31.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. On average, equities research analysts predict that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Dividend Announcement

The firm also recently announced an annual dividend, which was paid on Friday, May 3rd. Investors 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.

Analysts Set New Price Targets

Several research firms have commented on RACE. Evercore ISI boosted 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. Jefferies Financial Group began coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 target price on the stock. Sanford C. Bernstein boosted their target price on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Finally, UBS Group upped their price objective on Ferrari from $448.00 to $478.00 and gave the stock 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 issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $461.67.

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.