Sumitomo Mitsui Trust Holdings Inc. Raises Stock Position in Ferrari (NYSE:RACE)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Ferrari (NYSE:RACE) by 11.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 166,375 shares of the company’s stock after buying an additional 17,259 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ferrari were worth $56,180,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Jamison Private Wealth Management Inc. bought a new stake in Ferrari during the fourth quarter worth approximately $27,000. Gordian Capital Singapore Pte Ltd bought a new position in shares of Ferrari during the 2nd quarter valued at approximately $33,000. Householder Group Estate & Retirement Specialist LLC raised its holdings in Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock valued at $35,000 after buying an additional 80 shares during the period. Blue Trust Inc. lifted its position in Ferrari by 37.0% in the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Ferrari during the first quarter worth $39,000.

Ferrari Trading Down 0.8 %

NYSE:RACE opened at $412.52 on Friday. The firm has a 50-day simple moving average of $416.64 and a 200-day simple moving average of $366.18. Ferrari has a one year low of $272.70 and a one year high of $442.80. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate 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 forecast that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

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

Analyst Upgrades and Downgrades

RACE has been the subject of several analyst reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Sanford C. Bernstein increased their price target on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday. 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. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One 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, Ferrari presently has a consensus rating of “Hold” and an average price target of $393.86.

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.