WESPAC Advisors SoCal LLC Raises Stock Position in Ferrari (NYSE:RACE)

WESPAC Advisors SoCal LLC grew its stake in Ferrari (NYSE:RACE) by 52.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 3,004 shares of the company’s stock after buying an additional 1,029 shares during the quarter. WESPAC Advisors SoCal LLC’s holdings in Ferrari were worth $1,310,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Jamison Private Wealth Management Inc. bought a new position in Ferrari in the 4th quarter worth $27,000. Register Financial Advisors LLC purchased a new stake in Ferrari during the 1st quarter valued at about $33,000. Householder Group Estate & Retirement Specialist LLC lifted its stake in Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock valued at $35,000 after acquiring an additional 80 shares during the period. Blue Trust Inc. lifted its stake in Ferrari by 37.0% during the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the period. Finally, Headlands Technologies LLC bought a new position in Ferrari during the 4th quarter valued at about $43,000.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RACE shares. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Jefferies Financial Group assumed coverage on shares of Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 target price on the stock. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Finally, Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. One investment 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’s stock. According to MarketBeat.com, Ferrari currently has a consensus rating of “Hold” and an average target price of $461.67.

Ferrari Stock Up 0.5 %

Shares of RACE stock traded up $1.87 on Monday, hitting $410.24. The stock had a trading volume of 187,380 shares, compared to its average volume of 282,159. The business has a 50 day moving average price of $415.26 and a 200 day moving average price of $396.31. 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 quick ratio of 3.25 and a current ratio of 4.18.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (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 for the quarter, compared to analyst estimates of $1.73 billion. On average, research analysts predict that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Announces Dividend

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

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.