Stonebridge Capital Management Inc. Buys 150 Shares of Ferrari (NYSE:RACE)

Stonebridge Capital Management Inc. boosted its position in Ferrari (NYSE:RACE) by 1.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 13,151 shares of the company’s stock after purchasing an additional 150 shares during the period. Ferrari comprises approximately 2.6% of Stonebridge Capital Management Inc.’s investment portfolio, making the stock its 13th largest position. Stonebridge Capital Management Inc.’s holdings in Ferrari were worth $5,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of Ferrari during the first quarter valued at approximately $174,000. Sunbelt Securities Inc. boosted its stake in shares of Ferrari by 97.3% during the first quarter. Sunbelt Securities Inc. now owns 288 shares of the company’s stock valued at $126,000 after purchasing an additional 142 shares during the period. Ballentine Partners LLC boosted its stake in shares of Ferrari by 5.7% during the first quarter. Ballentine Partners LLC now owns 1,431 shares of the company’s stock valued at $624,000 after purchasing an additional 77 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Ferrari during the first quarter valued at approximately $244,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Ferrari by 104.1% during the first quarter. International Assets Investment Management LLC now owns 2,892 shares of the company’s stock valued at $1,249,000 after purchasing an additional 1,475 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of research analyst reports. Bank of America raised their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Evercore ISI raised their price target on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Jefferies Financial Group initiated coverage on Ferrari in a report on Friday, May 10th. They set a “hold” rating and a $403.00 price target for the company. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $461.67.

Ferrari Stock Performance

NYSE:RACE traded down $2.42 on Thursday, hitting $410.10. The stock had a trading volume of 80,674 shares, compared to its average volume of 281,807. Ferrari has a 52-week low of $285.02 and a 52-week high of $442.80. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. The business’s 50-day simple moving average is $415.40 and its two-hundred day simple moving average is $395.48.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Sell-side analysts predict that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Announces Dividend

The firm also recently announced an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. This represents a yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd.

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.