Ferrari (NYSE:RACE) Stake Reduced by Royal Bank of Canada

Royal Bank of Canada trimmed its position in Ferrari (NYSE:RACE - Free Report) by 4.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 282,477 shares of the company's stock after selling 14,432 shares during the period. Royal Bank of Canada owned 0.12% of Ferrari worth $120,006,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the fourth quarter worth $26,000. Kestra Investment Management LLC bought a new position in Ferrari in the fourth quarter worth about $45,000. Plato Investment Management Ltd bought a new position in Ferrari in the fourth quarter worth about $53,000. Newbridge Financial Services Group Inc. boosted its stake in Ferrari by 705.9% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock valued at $58,000 after acquiring an additional 120 shares during the period. Finally, Pittenger & Anderson Inc. grew its holdings in shares of Ferrari by 53.2% during the fourth 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.

Ferrari Price Performance

RACE stock traded down $5.16 during trading on Thursday, hitting $490.96. The company had a trading volume of 279,009 shares, compared to its average volume of 330,286. The business has a 50 day moving average of $450.05 and a 200 day moving average of $447.67. The firm has a market capitalization of $119.00 billion, a price-to-earnings ratio of 53.66, a P/E/G ratio of 4.43 and a beta of 1.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a fifty-two week low of $391.54 and a fifty-two week high of $509.13.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts' consensus estimates 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 business posted $1.95 EPS. The business's revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, research analysts predict that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which was paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd were paid a dividend of $3.1265 per share. This is a positive change from Ferrari's previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date was Wednesday, April 23rd. Ferrari's dividend payout ratio (DPR) is presently 5.45%.

Wall Street Analyst Weigh In

RACE has been the topic of several analyst reports. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. UBS Group lifted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. decreased their target price on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They set a "hold" rating on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and a consensus price target of $526.25.

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.