Royal Bank of Canada Has $120.01 Million Stock Position in Ferrari (NYSE:RACE)

Royal Bank of Canada reduced its stake in Ferrari (NYSE:RACE) by 4.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 282,477 shares of the company’s stock after selling 14,432 shares during the period. Royal Bank of Canada owned 0.12% of Ferrari worth $120,006,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Hanson & Doremus Investment Management bought a new position in Ferrari during the fourth quarter worth about $26,000. Kestra Investment Management LLC bought a new position in Ferrari during the 4th quarter worth approximately $45,000. Plato Investment Management Ltd acquired a new position in Ferrari during the fourth quarter valued at approximately $53,000. Newbridge Financial Services Group Inc. grew its holdings in Ferrari by 705.9% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock valued at $58,000 after purchasing an additional 120 shares during the period. Finally, Pittenger & Anderson Inc. increased its stake in Ferrari by 53.2% in the fourth quarter. Pittenger & Anderson Inc. now owns 144 shares of the company’s stock valued at $61,000 after purchasing an additional 50 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. UBS Group lifted their target price on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Stock Up 0.8%

NYSE:RACE opened at $498.99 on Monday. The stock has a 50-day simple moving average of $447.01 and a 200 day simple moving average of $446.83. Ferrari has a 52-week low of $391.54 and a 52-week high of $509.13. The company has a market cap of $120.94 billion, a PE ratio of 54.53, a PEG ratio of 4.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.95 earnings per share. On average, sell-side analysts expect that Ferrari will post 9.22 EPS for the current fiscal year.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd were issued a $3.1265 dividend. This is a boost from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend was Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is presently 5.45%.

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.