WESPAC Advisors SoCal LLC Increases Stock Position in Ferrari (NYSE:RACE)

WESPAC Advisors SoCal LLC increased its position in Ferrari (NYSE:RACE) by 52.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,004 shares of the company’s stock after acquiring an additional 1,029 shares during the period. WESPAC Advisors SoCal LLC’s holdings in Ferrari were worth $1,310,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in RACE. Norges Bank bought a new stake in shares of Ferrari during the 4th quarter valued at $572,523,000. Legal & General Group Plc grew its position in shares of Ferrari by 8,986.8% during the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after acquiring an additional 993,044 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Ferrari during the 4th quarter valued at $162,296,000. Alphinity Investment Management Pty Ltd lifted its stake in shares of Ferrari by 73.7% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock valued at $311,740,000 after buying an additional 392,401 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Ferrari by 172.8% during the 4th quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock valued at $111,508,000 after buying an additional 208,966 shares in the last quarter.

Ferrari Stock Performance

Shares of NYSE RACE traded up $1.87 during midday trading on Monday, reaching $410.24. The company had a trading volume of 187,380 shares, compared to its average volume of 282,159. The business’s 50-day simple moving average is $415.26 and its 200 day simple moving average is $396.31. Ferrari has a 1 year low of $285.02 and a 1 year 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.

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

Ferrari Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RACE. Sanford C. Bernstein lifted their target price on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Evercore ISI boosted their price target on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday, April 22nd. UBS Group boosted their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Finally, Jefferies Financial Group assumed coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $461.67.

Ferrari Company 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.