Ferrari (NYSE:RACE) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its position in Ferrari (NYSE:RACE) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,038 shares of the company’s stock after selling 9,524 shares during the period. Korea Investment CORP owned approximately 0.06% of Ferrari worth $66,207,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of Ferrari during the 4th quarter valued at $853,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Ferrari by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after buying an additional 755 shares during the period. Sapient Capital LLC boosted its holdings in Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after acquiring an additional 653 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of Ferrari during the fourth quarter worth $3,371,000. Finally, Allworth Financial LP boosted its stake in shares of Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after purchasing an additional 85 shares during the period.

Ferrari Price Performance

RACE opened at $426.66 on Friday. The firm has a market cap of $103.41 billion, a price-to-earnings ratio of 46.63, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company’s 50-day moving average price is $456.12 and its 200 day moving average price is $452.75. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is presently 5.63%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. JPMorgan Chase & Co. reduced their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $497.86.

About Ferrari

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.