Legacy Wealth Asset Management LLC Grows Stake in Ferrari (NYSE:RACE)

Legacy Wealth Asset Management LLC lifted its stake in Ferrari (NYSE:RACE) by 4.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 5,509 shares of the company’s stock after acquiring an additional 251 shares during the quarter. Ferrari comprises approximately 0.7% of Legacy Wealth Asset Management LLC’s portfolio, making the stock its 27th largest position. Legacy Wealth Asset Management LLC’s holdings in Ferrari were worth $2,402,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. Logan Capital Management Inc. boosted its holdings in Ferrari by 1.9% in the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock valued at $1,580,000 after purchasing an additional 87 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Ferrari by 1.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after buying an additional 40 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Ferrari by 1.4% during the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock worth $1,312,614,000 after buying an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of Ferrari by 12.0% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock worth $632,000 after buying an additional 230 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Ferrari by 15.7% in the fourth quarter. Whittier Trust Co. now owns 2,516 shares of the company’s stock valued at $851,000 after acquiring an additional 341 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. UBS Group raised their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Evercore ISI lifted their price target on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. Morgan Stanley restated an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Sanford C. Bernstein lifted their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Finally, Jefferies Financial Group initiated coverage on Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $461.67.

Ferrari Stock Performance

Shares of Ferrari stock traded up $8.34 on Thursday, reaching $422.72. 198,243 shares of the company were exchanged, compared to its average volume of 218,404. The firm has a market cap of $78.10 billion, a price-to-earnings ratio of 53.99, a P/E/G ratio of 5.02 and a beta of 0.99. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18. The company’s 50-day moving average is $415.09 and its two-hundred day moving average is $397.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. As a group, research analysts expect that Ferrari will post 8.2 earnings per share for the current fiscal year.

Ferrari Dividend Announcement

The company also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were issued a $2.443 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari’s dividend payout ratio (DPR) is presently 6.58%.

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.