Ferrari (NYSE:RACE) Position Cut by BNP Paribas Financial Markets

BNP Paribas Financial Markets lowered its position in shares of Ferrari (NYSE:RACE) by 57.4% in the 4th quarter, Holdings Channel reports. The fund owned 93,799 shares of the company’s stock after selling 126,619 shares during the period. BNP Paribas Financial Markets’ holdings in Ferrari were worth $39,850,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Ferrari by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Bank of Italy grew its position in Ferrari by 2.8% in the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after buying an additional 63,675 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Ferrari by 49.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares in the last quarter. Norges Bank acquired a new position in Ferrari during the 4th quarter valued at about $697,226,000. Finally, Bank of New York Mellon Corp raised its position in shares of Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after buying an additional 38,356 shares in the last quarter.

Ferrari Trading Up 0.7 %

Shares of RACE opened at $477.63 on Thursday. The business’s 50-day moving average price is $441.45 and its 200 day moving average price is $446.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $115.77 billion, a P/E ratio of 52.20, a P/E/G ratio of 4.43 and a beta of 1.13. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.06. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm posted $1.95 earnings per share. Analysts expect that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which was paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd were issued a $3.1265 dividend. The ex-dividend date of this dividend was Wednesday, April 23rd. This represents a dividend yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is presently 5.63%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RACE. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. UBS Group raised their target price on Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a research note on Wednesday. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Finally, Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $501.60.

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.