Ferrari (NYSE:RACE) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its holdings in Ferrari (NYSE:RACE) by 2.2% in the fourth quarter, according to 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 period. Swiss National Bank’s holdings in Ferrari were worth $137,053,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in shares of Ferrari by 2.1% in the third quarter. Commonwealth Equity Services LLC now owns 3,246 shares of the company’s stock valued at $960,000 after purchasing an additional 68 shares during the last quarter. SVB Wealth LLC raised its holdings in shares of Ferrari by 63.0% during the 3rd quarter. SVB Wealth LLC now owns 1,053 shares of the company’s stock worth $311,000 after acquiring an additional 407 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Ferrari by 16.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 3,649 shares of the company’s stock worth $1,078,000 after acquiring an additional 503 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of Ferrari by 72.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 1,087 shares of the company’s stock valued at $321,000 after acquiring an additional 455 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Ferrari by 5.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 5,609 shares of the company’s stock valued at $1,658,000 after purchasing an additional 298 shares during the period.

Ferrari Stock Performance

NYSE:RACE opened at $430.29 on Friday. Ferrari has a 52 week low of $283.20 and a 52 week high of $442.80. The company has a fifty day simple moving average of $421.97 and a two-hundred day simple moving average of $374.14. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping the consensus estimate of $1.59 by $0.15. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Sell-side analysts predict that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Dividend Announcement

The business also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were given a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd.

Wall Street Analyst Weigh In

A number of brokerages have commented on RACE. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Sanford C. Bernstein upped their price objective on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Evercore ISI lifted their target price on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research report on Monday, April 22nd. UBS Group increased their price target on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Ferrari currently has a consensus rating of “Hold” and an average price target of $413.86.

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.