Royal Bank of Canada Has $120.01 Million Stock Holdings in Ferrari (NYSE:RACE)

Royal Bank of Canada reduced its position in Ferrari (NYSE:RACE) by 4.9% in the 4th quarter, HoldingsChannel reports. The firm owned 282,477 shares of the company’s stock after selling 14,432 shares during the period. Royal Bank of Canada’s holdings in Ferrari were worth $120,006,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank acquired a new position in Ferrari during the fourth quarter worth about $697,226,000. Price T Rowe Associates Inc. MD increased its position in shares of Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after buying an additional 594,547 shares during the period. Barclays PLC raised its position in shares of Ferrari by 198.0% in the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after acquiring an additional 567,407 shares in the last quarter. Marshall Wace LLP lifted its stake in Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after buying an additional 520,337 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Ferrari by 380.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after purchasing an additional 192,694 shares in the last quarter.

Analyst Upgrades and Downgrades

RACE has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. JPMorgan Chase & Co. cut their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $526.25.

Ferrari Stock Up 0.8%

Ferrari stock opened at $498.99 on Monday. The firm has a 50 day moving average price of $447.01 and a 200-day moving average price of $446.83. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a twelve month low of $391.54 and a twelve month high of $509.13. The company has a market capitalization of $120.94 billion, a P/E ratio of 54.53, a P/E/G ratio of 4.43 and a beta of 1.13.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.06. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. Ferrari’s revenue was up 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.95 earnings per share. As a group, equities analysts predict that Ferrari will post 9.22 EPS for the current year.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were paid a $3.1265 dividend. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 23rd. Ferrari’s payout ratio is currently 5.45%.

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.