Flossbach Von Storch AG Trims Stake in Ferrari (NYSE:RACE)

Flossbach Von Storch AG lessened its stake in Ferrari (NYSE:RACE) by 59.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,126 shares of the company’s stock after selling 8,865 shares during the period. Flossbach Von Storch AG’s holdings in Ferrari were worth $2,064,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in RACE. Norges Bank purchased a new position in Ferrari in the 4th quarter worth about $354,547,000. Legal & General Group Plc boosted its holdings in shares of Ferrari by 8,986.8% in the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after buying an additional 993,044 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Ferrari by 139.6% in the 1st quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock valued at $254,563,000 after buying an additional 547,356 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of Ferrari in the 3rd quarter valued at about $157,620,000. Finally, JPMorgan Chase & Co. boosted its stake in Ferrari by 39.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock worth $468,275,000 after purchasing an additional 484,782 shares in the last quarter.

Analyst Ratings Changes

A number of research firms recently commented on RACE. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. UBS Group raised their price target on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Citigroup lowered shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Finally, Bank of America raised their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $393.86.

Ferrari Stock Performance

Shares of NYSE:RACE traded down $1.37 during trading on Thursday, hitting $414.63. 34,386 shares of the stock traded hands, compared to its average volume of 306,430. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. The company has a fifty day moving average price of $416.10 and a two-hundred day moving average price of $365.86. Ferrari has a 52-week low of $272.70 and a 52-week high of $442.80.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.15. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. On average, analysts predict that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Announces Dividend

The company also recently announced a dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be issued a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date of this dividend is Monday, April 22nd.

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.