Elite Wealth Management Inc. Sells 34 Shares of Ferrari (NYSE:RACE)

Elite Wealth Management Inc. lowered its holdings in shares of Ferrari (NYSE:RACE) by 1.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,264 shares of the company’s stock after selling 34 shares during the period. Ferrari comprises 0.0% of Elite Wealth Management Inc.’s holdings, making the stock its 26th largest holding. Elite Wealth Management Inc.’s holdings in Ferrari were worth $766,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of RACE. Jamison Private Wealth Management Inc. bought a new position in shares of Ferrari during the fourth quarter valued at $27,000. Gordian Capital Singapore Pte Ltd bought a new position in Ferrari during the second quarter worth $33,000. Householder Group Estate & Retirement Specialist LLC raised its stake in Ferrari by 320.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after buying an additional 80 shares during the last quarter. Blue Trust Inc. raised its stake in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the last quarter. Finally, State of Wyoming bought a new position in Ferrari during the fourth quarter worth $38,000.

Wall Street Analyst Weigh In

RACE has been the subject of a number of analyst reports. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Bank of America lifted their target price on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Citigroup downgraded shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. UBS Group lifted their price target on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. One 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $363.57.

Ferrari Stock Performance

Shares of NYSE RACE traded up $0.41 during mid-day trading on Wednesday, reaching $411.34. 203,404 shares of the company’s stock traded hands, compared to its average volume of 219,887. The business has a 50-day simple moving average of $415.39 and a 200 day simple moving average of $365.50. Ferrari has a 1-year low of $272.70 and a 1-year high of $442.80. 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 (NYSE:RACE) last issued its quarterly earnings data on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. As a group, sell-side analysts anticipate that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Announces Dividend

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

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.