Syon Capital LLC Raises Holdings in Ferrari (NYSE:RACE)

Syon Capital LLC boosted its stake in Ferrari (NYSE:RACE) by 54.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,070 shares of the company’s stock after buying an additional 376 shares during the quarter. Syon Capital LLC’s holdings in Ferrari were worth $362,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of RACE. Legal & General Group Plc grew its position in Ferrari by 8,986.8% during the third 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. Alphinity Investment Management Pty Ltd acquired a new stake in Ferrari during the 3rd quarter worth approximately $157,620,000. International Assets Investment Management LLC purchased a new position in Ferrari in the fourth quarter valued at approximately $162,296,000. Mackenzie Financial Corp lifted its position in Ferrari by 172.8% during the fourth 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. Finally, Banco Santander S.A. grew its stake in Ferrari by 68.7% during the third quarter. Banco Santander S.A. now owns 452,217 shares of the company’s stock worth $133,840,000 after buying an additional 184,078 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of several recent research reports. Sanford C. Bernstein increased their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Morgan Stanley reiterated an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a report on Monday, April 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $413.86.

Ferrari Price Performance

Shares of RACE opened at $422.46 on Friday. 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 company’s 50 day moving average price is $420.26 and its 200 day moving average price is $371.52. Ferrari has a 52 week low of $273.39 and a 52 week high of $442.80.

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

Ferrari Dividend Announcement

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

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.