Swiss National Bank Decreases Position in Ferrari (NYSE:RACE)

Swiss National Bank decreased its position in shares of Ferrari (NYSE:RACE) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 405,766 shares of the company’s stock after selling 9,266 shares during the quarter. Swiss National Bank owned 0.22% of Ferrari worth $137,053,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in RACE. First Trust Direct Indexing L.P. increased its holdings in shares of Ferrari by 12.0% in the 4th quarter. First Trust Direct Indexing L.P. now owns 2,904 shares of the company’s stock worth $983,000 after purchasing an additional 312 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Ferrari by 32.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 206 shares of the company’s stock valued at $70,000 after purchasing an additional 50 shares during the period. Beck Bode LLC raised its position in Ferrari by 3.5% in the fourth quarter. Beck Bode LLC now owns 2,745 shares of the company’s stock worth $929,000 after acquiring an additional 94 shares during the period. Sage Rhino Capital LLC bought a new stake in shares of Ferrari during the 4th quarter valued at $220,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Ferrari in the 4th quarter worth $43,000.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley reissued an “overweight” rating and set a $400.00 price target on shares of Ferrari in a report on Monday, April 22nd. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday. Citigroup lowered shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Sanford C. Bernstein raised their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, UBS Group upped their target price on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $413.86.

Ferrari Price Performance

Shares of RACE stock opened at $430.29 on Friday. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. Ferrari has a 12-month low of $283.20 and a 12-month high of $442.80. The stock’s 50-day moving average price is $421.97 and its 200-day moving average price is $374.14.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. Analysts expect that Ferrari will post 8.31 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. Shareholders of record on Tuesday, April 23rd were given a dividend of $2.443 per share. The ex-dividend date of this dividend was Monday, April 22nd. This represents a yield of 0.62%.

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.