Ferrari (NYSE:RACE) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC lessened its position in Ferrari (NYSE:RACE) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,041 shares of the company’s stock after selling 1,420 shares during the period. HighTower Advisors LLC’s holdings in Ferrari were worth $8,529,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RACE. Jennison Associates LLC raised its position in shares of Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Ferrari by 380.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after buying an additional 192,694 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Ferrari by 83.7% in the third quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock valued at $108,417,000 after buying an additional 105,390 shares during the last quarter. BNP Paribas Financial Markets increased its position in Ferrari by 89.9% during the third quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after purchasing an additional 104,366 shares during the last quarter. Finally, Temasek Holdings Private Ltd acquired a new position in Ferrari during the third quarter worth approximately $43,801,000.

Wall Street Analysts Forecast Growth

RACE has been the subject of several research analyst reports. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Price Performance

Shares of RACE stock opened at $454.62 on Tuesday. The company has a market capitalization of $110.19 billion, a PE ratio of 49.68, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm has a fifty day simple moving average of $454.94 and a 200-day simple moving average of $455.09. 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 twelve month low of $399.27 and a twelve 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 issued a $3.1265 dividend. The ex-dividend date 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 dividend payout ratio is currently 5.63%.

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.