Ferrari (NYSE:RACE) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lowered its position in Ferrari (NYSE:RACE) by 13.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 241,380 shares of the company’s stock after selling 37,341 shares during the quarter. Jennison Associates LLC’s holdings in Ferrari were worth $81,690,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in 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 buying an additional 61,132 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake 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 worth $632,000 after purchasing an additional 230 shares during the period. Sequoia Financial Advisors LLC lifted its stake 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 worth $1,437,000 after purchasing an additional 40 shares during the period. Alphinity Investment Management Pty Ltd purchased a new position in shares of Ferrari during the 3rd quarter worth $157,620,000. Finally, Syntal Capital Partners LLC purchased a new position in shares of Ferrari during the 3rd quarter worth $511,000.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Evercore ISI increased their price target on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research note on Monday. UBS Group increased their price target on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Bank of America increased their price target on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Ferrari has an average rating of “Hold” and an average price target of $413.86.

Ferrari Stock Up 1.0 %

Shares of RACE opened at $410.27 on Tuesday. 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’s fifty day simple moving average is $417.43 and its 200 day simple moving average is $368.72. Ferrari has a twelve month low of $273.39 and a twelve month high of $442.80.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.15. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Equities research analysts expect that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Dividend Announcement

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

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.