Rakuten Securities Inc. Makes New Investment in Ferrari (NYSE:RACE)

Rakuten Securities Inc. purchased a new stake in Ferrari (NYSE:RACE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 231 shares of the company’s stock, valued at approximately $78,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RACE. Raymond James Financial Services Advisors Inc. increased its holdings in Ferrari by 5.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,125 shares of the company’s stock valued at $900,000 after buying an additional 220 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Ferrari by 54.8% in the 1st quarter. Private Advisor Group LLC now owns 1,553 shares of the company’s stock worth $339,000 after acquiring an additional 550 shares during the period. BlackRock Inc. increased its stake in Ferrari by 3.3% in the 1st quarter. BlackRock Inc. now owns 1,066,538 shares of the company’s stock valued at $232,602,000 after purchasing an additional 33,643 shares in the last quarter. Cibc World Market Inc. raised its holdings in Ferrari by 143.3% during the first quarter. Cibc World Market Inc. now owns 6,983 shares of the company’s stock worth $1,523,000 after purchasing an additional 4,113 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Ferrari by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 67,953 shares of the company’s stock worth $14,820,000 after purchasing an additional 5,286 shares in the last quarter.

Ferrari Stock Performance

Shares of NYSE RACE opened at $416.52 on Thursday. The firm’s 50 day moving average price is $416.10 and its 200 day moving average price is $365.86. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. Ferrari has a 1 year low of $272.70 and a 1 year high of $442.80.

Ferrari (NYSE:RACE) last released its earnings results 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. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.61 billion. Equities analysts forecast that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.