Ferrari (NYSE:RACE) Shares Sold by Wealth Alliance

Wealth Alliance cut its holdings in shares of Ferrari (NYSE:RACE) by 13.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 840 shares of the company’s stock after selling 131 shares during the period. Wealth Alliance’s holdings in Ferrari were worth $284,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RACE. Mackenzie Financial Corp grew its stake in Ferrari by 172.8% in the fourth quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock worth $111,508,000 after purchasing an additional 208,966 shares in the last quarter. Dakota Wealth Management grew its stake in Ferrari by 13.1% in the fourth quarter. Dakota Wealth Management now owns 29,049 shares of the company’s stock worth $9,831,000 after purchasing an additional 3,369 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Ferrari by 11.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 166,375 shares of the company’s stock worth $56,180,000 after purchasing an additional 17,259 shares in the last quarter. Outlook Wealth Advisors LLC acquired a new position in Ferrari in the fourth quarter worth about $219,000. Finally, Simplicity Solutions LLC grew its stake in Ferrari by 18.2% in the fourth quarter. Simplicity Solutions LLC now owns 1,668 shares of the company’s stock worth $564,000 after purchasing an additional 257 shares in the last quarter.

Ferrari Stock Performance

RACE opened at $412.52 on Friday. The business’s 50 day moving average is $416.64 and its 200-day moving average is $366.18. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. Ferrari has a twelve month low of $272.70 and a twelve month high of $442.80.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Equities research analysts expect that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be paid a dividend of $2.443 per share. The ex-dividend date of this dividend is Monday, April 22nd. This represents a dividend yield of 0.62%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RACE shares. UBS Group lifted their price target on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Bank of America lifted their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Sanford C. Bernstein raised their target price on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $393.86.

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.