Clearbridge Investments LLC Sells 28,417 Shares of Ferrari (NYSE:RACE)

Clearbridge Investments LLC decreased its position in shares of Ferrari (NYSE:RACE) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 459,651 shares of the company’s stock after selling 28,417 shares during the quarter. Clearbridge Investments LLC’s holdings in Ferrari were worth $195,278,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Ferrari during the 4th quarter valued at $697,226,000. Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of Ferrari by 380.7% during 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. Corient Private Wealth LLC increased its position in shares of Ferrari by 1,226.4% during the fourth quarter. Corient Private Wealth LLC now owns 132,694 shares of the company’s stock worth $56,153,000 after acquiring an additional 122,690 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of Ferrari in the 4th quarter worth about $46,908,000. Finally, Quadrature Capital Ltd lifted its position in Ferrari by 83.7% in the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock valued at $108,417,000 after acquiring an additional 105,390 shares in the last quarter.

Ferrari Price Performance

RACE opened at $429.93 on Monday. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The firm has a 50-day moving average of $456.00 and a 200 day moving average of $452.20. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm 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.

Ferrari Increases Dividend

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

Analyst Ratings Changes

RACE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $497.86.

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.