Northern Trust Corp Decreases Stock Position in Ferrari (NYSE:RACE)

Northern Trust Corp lessened its holdings in Ferrari (NYSE:RACE) by 9.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 320,090 shares of the company’s stock after selling 34,862 shares during the period. Northern Trust Corp’s holdings in Ferrari were worth $135,987,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Hanson & Doremus Investment Management acquired a new stake in Ferrari in the 4th quarter worth approximately $26,000. Armstrong Advisory Group Inc. lifted its stake in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Ferrari during the fourth quarter valued at $45,000. Plato Investment Management Ltd acquired a new position in shares of Ferrari in the 4th quarter valued at $53,000. Finally, Newbridge Financial Services Group Inc. raised its stake in Ferrari by 705.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock worth $58,000 after acquiring an additional 120 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE opened at $462.92 on Friday. The company has a 50 day moving average price of $441.15 and a 200-day moving average price of $447.06. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13. The firm has a market cap of $112.20 billion, a price-to-earnings ratio of 50.59, a price-to-earnings-growth ratio of 4.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Shareholders 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 represents a dividend yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is 5.63%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $481.60.

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.