Geneva Partners LLC Makes New $345,000 Investment in Ferrari (NYSE:RACE)

Geneva Partners LLC purchased a new stake in Ferrari (NYSE:RACE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,020 shares of the company’s stock, valued at approximately $345,000.

A number of other large investors also recently made changes to their positions in RACE. Vanguard Group Inc. boosted its stake in Ferrari by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock worth $1,312,614,000 after acquiring an additional 61,132 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Ferrari by 39.0% during the first quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock worth $468,275,000 after purchasing an additional 484,782 shares in the last quarter. Norges Bank acquired a new position in shares of Ferrari in the 4th quarter valued at $354,547,000. Bank of New York Mellon Corp increased its position in shares of Ferrari by 0.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,635,501 shares of the company’s stock valued at $483,356,000 after buying an additional 5,310 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Ferrari by 24.0% in the 2nd quarter. Alliancebernstein L.P. now owns 1,466,627 shares of the company’s stock valued at $476,962,000 after buying an additional 284,169 shares in the last quarter.

Analyst Ratings Changes

RACE has been the subject of several research analyst reports. UBS Group boosted their price objective on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Bank of America increased their price objective on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Citigroup downgraded 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 assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $393.86.

Ferrari Stock Performance

Shares of RACE traded down $3.97 during mid-day trading on Friday, reaching $408.65. The company’s stock had a trading volume of 282,858 shares, compared to its average volume of 308,609. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81. The stock has a market cap of $75.50 billion, a P/E ratio of 54.85, a PEG ratio of 3.18 and a beta of 0.97. Ferrari has a 1-year low of $272.70 and a 1-year high of $442.80. The business has a 50-day simple moving average of $416.97 and a two-hundred day simple moving average of $366.96.

Ferrari (NYSE:RACE) last issued its quarterly earnings data 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. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. As a group, equities research analysts anticipate that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Dividend Announcement

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

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.