Westbourne Investments Inc. Makes New $244,000 Investment in Ferrari (NYSE:RACE)

Westbourne Investments Inc. bought a new stake in shares of Ferrari (NYSE:RACE - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 575 shares of the company's stock, valued at approximately $244,000.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Ferrari by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company's stock worth $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Bank of Italy grew its stake in Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company's stock worth $1,002,392,000 after purchasing an additional 63,675 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 49.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock worth $763,125,000 after buying an additional 594,547 shares during the last quarter. Norges Bank bought a new position in shares of Ferrari during the fourth quarter worth about $697,226,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Ferrari by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company's stock valued at $684,888,000 after buying an additional 38,356 shares during the last quarter.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of analyst reports. Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. UBS Group lifted their price target on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Finally, StockNews.com raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $501.60.

Ferrari Stock Performance

Shares of RACE stock traded up $1.94 during trading hours on Wednesday, reaching $476.08. 122,623 shares of the company's stock were exchanged, compared to its average volume of 453,527. Ferrari has a fifty-two week low of $391.54 and a fifty-two 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 stock has a market capitalization of $115.39 billion, a P/E ratio of 52.03, a P/E/G ratio of 4.43 and a beta of 1.13. The business has a fifty day moving average price of $441.18 and a 200-day moving average price of $446.72.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating 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 business had revenue of $1.94 billion for the quarter, compared to analysts' expectations of $1.82 billion. During the same quarter in the previous year, the firm posted $1.95 earnings per share. The firm's revenue for the quarter was up 13.0% on a year-over-year basis. Analysts predict that Ferrari will post 9.22 EPS for the current fiscal year.

Ferrari Increases Dividend

The company also recently disclosed 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 represents a yield of 0.5%. This is a boost from Ferrari's previous annual dividend of $2.44. The ex-dividend date was Wednesday, April 23rd. Ferrari's dividend payout ratio is currently 5.63%.

Ferrari 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.