Lorne Steinberg Wealth Management Inc. Has $3.22 Million Holdings in Ferrari (NYSE:RACE)

Lorne Steinberg Wealth Management Inc. cut its stake in shares of Ferrari (NYSE:RACE) by 33.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 9,522 shares of the company’s stock after selling 4,840 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Ferrari were worth $3,223,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of RACE. Jamison Private Wealth Management Inc. acquired a new position in shares of Ferrari during the 4th quarter worth about $27,000. Householder Group Estate & Retirement Specialist LLC increased its position in Ferrari by 320.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after buying an additional 80 shares during the last quarter. Blue Trust Inc. raised its stake in Ferrari by 37.0% in the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. Allworth Financial LP lifted its position in shares of Ferrari by 327.5% in the third quarter. Allworth Financial LP now owns 218 shares of the company’s stock valued at $64,000 after buying an additional 167 shares during the last quarter. Finally, Operose Advisors LLC bought a new position in shares of Ferrari during the 3rd quarter worth approximately $78,000.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RACE shares. Bank of America raised their price target on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Evercore ISI increased their price target on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. Citigroup downgraded Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Finally, Morgan Stanley reissued an “overweight” rating and set a $400.00 price target on shares of Ferrari in a report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $413.86.

Ferrari Price Performance

Shares of Ferrari stock traded down $5.69 on Wednesday, reaching $419.05. 99,929 shares of the stock were exchanged, compared to its average volume of 303,867. The firm’s 50 day moving average is $418.37 and its 200-day moving average is $369.56. The firm has a market cap of $77.42 billion, a PE ratio of 56.99, a P/E/G ratio of 3.14 and a beta of 0.97. 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 has a one year low of $273.39 and a one year high of $442.80.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. As a group, analysts anticipate that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

The business also recently declared an annual dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be issued 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. Ferrari’s dividend payout ratio (DPR) is presently 6.91%.

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.