Kovack Advisors Inc. Purchases 76 Shares of Ferrari (NYSE:RACE)

Kovack Advisors Inc. increased its position in Ferrari (NYSE:RACE) by 4.4% in the 4th quarter, Holdings Channel reports. The firm owned 1,814 shares of the company’s stock after buying an additional 76 shares during the quarter. Kovack Advisors Inc.’s holdings in Ferrari were worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of RACE. Blue Trust Inc. raised its stake in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares in the last quarter. Merlin Capital Inc raised its stake in Ferrari by 1.3% during the third quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock worth $738,000 after acquiring an additional 32 shares in the last quarter. Allworth Financial LP raised its stake in Ferrari by 17.0% during the fourth quarter. Allworth Financial LP now owns 255 shares of the company’s stock worth $86,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC raised its stake in Ferrari by 8.1% during the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock worth $172,000 after acquiring an additional 38 shares in the last quarter. Finally, Simplicity Solutions LLC raised its stake in Ferrari by 2.8% during the third quarter. Simplicity Solutions LLC now owns 1,411 shares of the company’s stock worth $417,000 after acquiring an additional 39 shares in the last quarter.

Ferrari Stock Performance

Ferrari stock opened at $422.46 on Friday. The business’s 50-day simple moving average is $420.26 and its 200 day simple moving average is $371.52. Ferrari has a 12-month low of $273.39 and a 12-month high of $442.80. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $1.61 billion. On average, equities analysts predict that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on RACE. Sanford C. Bernstein increased their price objective on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Bank of America raised their target price on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Finally, Evercore ISI raised their target price on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Ferrari currently has a consensus rating of “Hold” and a consensus price target of $413.86.

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.