Ferrari (NYSE:RACE) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its stake in Ferrari (NYSE:RACE) by 5.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,020 shares of the company’s stock after selling 241 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Ferrari were worth $1,708,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RACE. Thrivent Financial for Lutherans increased its position in Ferrari by 63.4% during the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock worth $1,274,000 after purchasing an additional 1,051 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Ferrari by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock valued at $4,412,000 after acquiring an additional 1,864 shares during the last quarter. Townsquare Capital LLC increased its stake in Ferrari by 24.8% during the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock worth $2,555,000 after acquiring an additional 1,079 shares during the last quarter. CreativeOne Wealth LLC acquired a new stake in Ferrari during the third quarter worth $1,041,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Ferrari by 1.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,737 shares of the company’s stock valued at $39,223,000 after purchasing an additional 988 shares during the period.

Analyst Ratings Changes

A number of research firms have recently weighed in on RACE. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Stock Performance

Shares of RACE stock opened at $429.93 on Friday. The company has a market cap of $104.21 billion, a P/E ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94. The firm has a fifty day moving average price of $456.00 and a 200 day moving average price of $452.46. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a $3.1265 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s payout ratio is 5.63%.

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.