Legacy Wealth Asset Management LLC Boosts Stake in Ferrari (NYSE:RACE)

Legacy Wealth Asset Management LLC grew its holdings in Ferrari (NYSE:RACE) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,509 shares of the company’s stock after purchasing an additional 251 shares during the period. Ferrari makes up 0.7% of Legacy Wealth Asset Management LLC’s investment portfolio, making the stock its 27th largest position. Legacy Wealth Asset Management LLC’s holdings in Ferrari were worth $2,402,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Register Financial Advisors LLC acquired a new position in Ferrari in the first quarter valued at about $33,000. Jamison Private Wealth Management Inc. acquired a new position in shares of Ferrari in the 4th quarter worth approximately $27,000. Householder Group Estate & Retirement Specialist LLC boosted its position in shares of Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after purchasing an additional 80 shares during the period. Blue Trust Inc. increased its holdings in Ferrari by 37.0% in the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after purchasing an additional 30 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Ferrari in the 4th quarter valued at approximately $43,000.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Jefferies Financial Group began coverage on Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. Evercore ISI increased their price target on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $461.67.

Ferrari Stock Up 2.0 %

Shares of RACE stock traded up $8.34 during trading hours on Thursday, reaching $422.72. 198,243 shares of the stock were exchanged, compared to its average volume of 218,404. The business’s fifty day moving average is $415.09 and its two-hundred day moving average is $397.23. The firm has a market capitalization of $78.10 billion, a P/E ratio of 53.99, a P/E/G ratio of 5.02 and a beta of 0.99. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. As a group, research analysts expect that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Announces Dividend

The firm also recently declared an annual dividend, which was paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd were paid a $2.443 dividend. This represents a yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd. Ferrari’s dividend payout ratio is presently 6.58%.

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.