Laird Norton Wetherby Wealth Management LLC Trims Position in Ferrari (NYSE:RACE)

Laird Norton Wetherby Wealth Management LLC lessened its stake in Ferrari (NYSE:RACE) by 11.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,820 shares of the company’s stock after selling 776 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Ferrari were worth $2,473,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Ferrari by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares during the period. Bank of Italy increased its position in Ferrari by 2.8% during the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after purchasing an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD increased its position in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after purchasing an additional 594,547 shares during the period. Norges Bank purchased a new position in Ferrari during the 4th quarter valued at about $697,226,000. Finally, Bank of New York Mellon Corp increased its position in Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after purchasing an additional 38,356 shares during the period.

Ferrari Stock Performance

RACE opened at $487.33 on Tuesday. Ferrari has a 12-month low of $391.54 and a 12-month high of $509.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $118.12 billion, a PE ratio of 53.26, a P/E/G ratio of 4.43 and a beta of 1.13. The firm has a 50 day moving average of $442.96 and a two-hundred day moving average of $446.51.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the firm posted $1.95 EPS. Ferrari’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, analysts anticipate that Ferrari will post 9.22 EPS for the current year.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd were given a dividend of $3.1265 per share. The ex-dividend date was Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is currently 5.45%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. UBS Group raised their price target on shares of Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $526.25.

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.