Forza Wealth Management LLC Makes New $218,000 Investment in Ferrari (NYSE:RACE)

Forza Wealth Management LLC purchased a new position in Ferrari (NYSE:RACE) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 500 shares of the company’s stock, valued at approximately $218,000.

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

Ferrari Stock Performance

Shares of RACE traded up $0.18 during midday trading on Monday, reaching $422.64. 146,778 shares of the stock were exchanged, compared to its average volume of 305,112. Ferrari has a twelve month low of $273.39 and a twelve month high of $442.80. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The business’s 50-day moving average price is $420.92 and its 200 day moving average price is $372.75.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. As a group, equities analysts anticipate that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

The firm 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 $2.443 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a dividend yield of 0.62%.

Analysts Set New Price Targets

RACE has been the topic of several analyst reports. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. Morgan Stanley restated an “overweight” rating and issued a $400.00 price target on shares of Ferrari in a research note on Monday, April 22nd. Bank of America upped their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Finally, Sanford C. Bernstein boosted 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $413.86.

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.