Lorne Steinberg Wealth Management Inc. Has $3.22 Million Position in Ferrari (NYSE:RACE)

Lorne Steinberg Wealth Management Inc. reduced its stake in shares of Ferrari (NYSE:RACE - Free Report) by 33.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,522 shares of the company's stock after selling 4,840 shares during the period. Lorne Steinberg Wealth Management Inc.'s holdings in Ferrari were worth $3,223,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company's stock worth $38,000 after purchasing an additional 30 shares during the last quarter. Merlin Capital Inc raised its holdings in shares of Ferrari by 1.3% during the third quarter. Merlin Capital Inc now owns 2,496 shares of the company's stock worth $738,000 after purchasing an additional 32 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Ferrari by 17.0% during the fourth quarter. Allworth Financial LP now owns 255 shares of the company's stock worth $86,000 after purchasing an additional 37 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Ferrari by 8.1% during the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company's stock worth $172,000 after purchasing an additional 38 shares during the last quarter. Finally, Simplicity Solutions LLC increased its holdings 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 buying an additional 39 shares in the last quarter.

Ferrari Stock Down 1.0 %

NYSE:RACE traded down $4.41 during mid-day trading on Wednesday, hitting $420.33. The stock had a trading volume of 237,100 shares, compared to its average volume of 305,629. The company has a market capitalization of $77.66 billion, a PE ratio of 56.42, a PEG ratio of 3.14 and a beta of 0.97. Ferrari has a twelve month low of $273.39 and a twelve month high of $442.80. 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 50-day simple moving average of $418.37 and a two-hundred day simple moving average of $369.56.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The company reported $1.74 EPS 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%. On average, equities research analysts anticipate that Ferrari will post 8.31 EPS 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 given a dividend of $2.443 per share. The ex-dividend date of this dividend is Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari's dividend payout ratio (DPR) is presently 6.91%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RACE shares. Evercore ISI boosted their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an "outperform" rating in a report on Monday. UBS Group boosted their target price on shares of Ferrari from $413.00 to $448.00 and gave the company a "buy" rating in a report on Friday, February 2nd. Bank of America boosted their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a "buy" rating in a report on Wednesday, April 10th. Citigroup lowered shares of Ferrari from a "neutral" rating to a "sell" rating in a report on Monday, March 4th. Finally, StockNews.com raised shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.