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

Korea Investment CORP lessened its holdings in shares of Ferrari (NYSE:RACE) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 155,038 shares of the company’s stock after selling 9,524 shares during the period. Korea Investment CORP’s holdings in Ferrari were worth $66,207,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in Ferrari during the 4th quarter valued at $853,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Ferrari by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after purchasing an additional 755 shares during the period. Sapient Capital LLC raised its stake in shares of Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock valued at $28,737,000 after purchasing an additional 653 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Ferrari during the fourth quarter valued at about $3,371,000. Finally, Allworth Financial LP lifted its holdings in Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares during the period.

Ferrari Stock Performance

Shares of NYSE RACE opened at $426.66 on Friday. The stock’s fifty day simple moving average is $456.12 and its 200 day simple moving average is $452.75. The stock has a market capitalization of $103.41 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 4.43 and a beta of 0.94. 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 has a 52-week low of $399.27 and a 52-week high of $509.13.

Ferrari Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.