Lorne Steinberg Wealth Management Inc. Lowers Stock Position in Ferrari (NYSE:RACE)

Lorne Steinberg Wealth Management Inc. decreased its holdings in Ferrari (NYSE:RACE) by 33.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,522 shares of the company’s stock after selling 4,840 shares during the period. Lorne Steinberg Wealth Management Inc.’s holdings in Ferrari were worth $3,223,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Blue Trust Inc. raised its position in shares of Ferrari by 37.0% in the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the period. Merlin Capital Inc raised its holdings in shares of Ferrari by 1.3% during the third quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock valued at $738,000 after acquiring an additional 32 shares during the last quarter. Allworth Financial LP lifted its position in shares of Ferrari by 17.0% in the fourth quarter. Allworth Financial LP now owns 255 shares of the company’s stock valued at $86,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Ferrari by 8.1% in the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock worth $172,000 after acquiring an additional 38 shares during the last quarter. Finally, Simplicity Solutions LLC raised its stake in Ferrari by 2.8% in the 3rd quarter. Simplicity Solutions LLC now owns 1,411 shares of the company’s stock valued at $417,000 after purchasing an additional 39 shares during the last quarter.

Ferrari Stock Down 1.3 %

Shares of NYSE:RACE traded down $5.69 during trading hours on Wednesday, reaching $419.05. The stock had a trading volume of 99,929 shares, compared to its average volume of 303,867. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. The firm’s 50 day moving average is $418.37 and its 200-day moving average is $369.56. The stock has a market capitalization of $77.42 billion, a price-to-earnings ratio of 56.99, a P/E/G ratio of 3.14 and a beta of 0.97. Ferrari has a 1 year low of $273.39 and a 1 year high of $442.80.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. Research analysts predict that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Dividend Announcement

The business also recently declared an annual dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be issued a $2.443 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari’s dividend payout ratio (DPR) is 6.91%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group increased their price target on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Sanford C. Bernstein increased their price target on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Bank of America lifted their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Evercore ISI raised their target price on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $413.86.

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.