Bank of Italy Has $767.55 Million Stock Position in Ferrari (NYSE:RACE)

Bank of Italy reduced its position in Ferrari (NYSE:RACE) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,275,945 shares of the company’s stock after selling 19,958 shares during the quarter. Ferrari comprises about 25.1% of Bank of Italy’s holdings, making the stock its 2nd biggest holding. Bank of Italy owned 1.23% of Ferrari worth $767,553,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Blue Trust Inc. boosted 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 valued at $38,000 after acquiring an additional 30 shares during the period. Merlin Capital Inc raised its stake in Ferrari by 1.3% in the third quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock valued at $738,000 after purchasing an additional 32 shares in the last quarter. Allworth Financial LP raised its stake in 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 purchasing an additional 37 shares in the last quarter. Lindbrook Capital LLC raised its stake in Ferrari by 8.1% in the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock valued at $172,000 after purchasing an additional 38 shares in the last quarter. Finally, Simplicity Solutions LLC raised its stake in Ferrari by 2.8% in the third quarter. Simplicity Solutions LLC now owns 1,411 shares of the company’s stock valued at $417,000 after purchasing an additional 39 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE stock traded up $9.05 during trading hours on Thursday, hitting $424.99. 214,105 shares of the company’s stock were exchanged, compared to its average volume of 300,714. Ferrari has a 12-month low of $277.46 and a 12-month high of $442.80. The business’s 50 day simple moving average is $421.70 and its 200-day simple moving average is $373.78. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. As a group, sell-side analysts expect that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

The company also recently announced an annual dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be paid a $2.443 dividend. This represents a dividend yield of 0.62%. The ex-dividend date is Monday, April 22nd.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RACE shares. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Bank of America raised their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Sanford C. Bernstein lifted their price target on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $413.86.

About Ferrari

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.