Principal Street Partners LLC Lowers Holdings in Ferrari (NYSE:RACE)

Principal Street Partners LLC decreased its position in Ferrari (NYSE:RACE - Free Report) by 48.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 991 shares of the company's stock after selling 947 shares during the period. Principal Street Partners LLC's holdings in Ferrari were worth $421,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Hanson & Doremus Investment Management bought a new position in shares of Ferrari in the fourth quarter worth approximately $26,000. Kestra Investment Management LLC purchased a new position in Ferrari in the 4th quarter worth approximately $45,000. Plato Investment Management Ltd bought a new position in Ferrari in the 4th quarter valued at approximately $53,000. Newbridge Financial Services Group Inc. boosted its stake in Ferrari by 705.9% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock valued at $58,000 after purchasing an additional 120 shares during the last quarter. Finally, Pittenger & Anderson Inc. boosted its stake in Ferrari by 53.2% during the 4th quarter. Pittenger & Anderson Inc. now owns 144 shares of the company's stock valued at $61,000 after purchasing an additional 50 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently weighed in on RACE shares. JPMorgan Chase & Co. decreased their price target on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. StockNews.com lowered shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Barclays raised shares of Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a "hold" rating on the stock. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Stock Down 0.3%

NYSE RACE opened at $497.03 on Tuesday. Ferrari has a 52 week low of $391.54 and a 52 week high of $509.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $120.47 billion, a P/E ratio of 54.32, a price-to-earnings-growth ratio of 4.43 and a beta of 1.13. The stock's 50-day moving average price is $447.95 and its 200-day moving average price is $446.98.

Ferrari (NYSE:RACE - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period in the prior year, the firm posted $1.95 EPS. The firm's quarterly revenue was up 13.0% compared to the same quarter last year. On average, equities research analysts predict that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were issued a $3.1265 dividend. The ex-dividend date of this dividend was Wednesday, April 23rd. This represents a yield of 0.5%. This is an increase from Ferrari's previous annual dividend of $2.44. Ferrari's dividend payout ratio is currently 5.45%.

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.

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