Elite Wealth Management Inc. Sells 34 Shares of Ferrari (NYSE:RACE)

Elite Wealth Management Inc. decreased its position in shares of Ferrari (NYSE:RACE) by 1.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,264 shares of the company’s stock after selling 34 shares during the quarter. Ferrari accounts for 0.0% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 26th largest holding. Elite Wealth Management Inc.’s holdings in Ferrari were worth $766,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Raymond James Financial Services Advisors Inc. raised its position in shares of Ferrari by 5.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,125 shares of the company’s stock valued at $900,000 after buying an additional 220 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Ferrari by 54.8% during the first quarter. Private Advisor Group LLC now owns 1,553 shares of the company’s stock valued at $339,000 after buying an additional 550 shares during the last quarter. BlackRock Inc. raised its position in shares of Ferrari by 3.3% during the first quarter. BlackRock Inc. now owns 1,066,538 shares of the company’s stock valued at $232,602,000 after buying an additional 33,643 shares during the last quarter. Cibc World Market Inc. raised its position in shares of Ferrari by 143.3% during the first quarter. Cibc World Market Inc. now owns 6,983 shares of the company’s stock valued at $1,523,000 after buying an additional 4,113 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Ferrari by 8.4% during the first quarter. Dimensional Fund Advisors LP now owns 67,953 shares of the company’s stock valued at $14,820,000 after buying an additional 5,286 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 22nd. UBS Group boosted their price target on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, Bank of America boosted their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $363.57.

Ferrari Price Performance

NYSE RACE traded up $0.41 on Wednesday, hitting $411.34. 203,404 shares of the stock were exchanged, compared to its average volume of 219,887. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average price of $415.39 and a two-hundred day moving average price of $365.50. Ferrari has a 52-week low of $272.70 and a 52-week high of $442.80.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.59 by $0.15. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. On average, sell-side analysts forecast that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Dividend Announcement

The business also recently announced a dividend, which will be paid on Friday, May 3rd. Stockholders 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 is Monday, April 22nd.

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.