Envestnet Portfolio Solutions Inc. Raises Stock Position in Ferrari (NYSE:RACE)

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Ferrari (NYSE:RACE) by 3.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,143 shares of the company’s stock after buying an additional 476 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Ferrari were worth $5,730,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Logan Capital Management Inc. grew its holdings in shares of Ferrari by 1.9% during the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after buying an additional 87 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Ferrari by 1.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after acquiring an additional 40 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Ferrari by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after acquiring an additional 61,132 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Ferrari by 12.0% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after acquiring an additional 230 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Ferrari by 10.5% during the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after acquiring an additional 25,228 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE traded up $6.70 during midday trading on Friday, reaching $435.17. The stock had a trading volume of 163,630 shares, compared to its average volume of 276,271. The firm has a fifty day simple moving average of $416.06 and a two-hundred day simple moving average of $400.42. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping the consensus estimate of $2.04 by $0.08. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. On average, sell-side analysts predict that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Announces Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were given a $2.443 dividend. The ex-dividend date of this dividend was Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari’s dividend payout ratio is presently 33.46%.

Analyst Ratings Changes

A number of research firms have commented on RACE. Evercore ISI upped their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. UBS Group raised their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Bank of America raised their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.