Jennison Associates LLC Lowers Stock Holdings in Ferrari (NYSE:RACE)

Jennison Associates LLC lowered its holdings in shares of Ferrari (NYSE:RACE) by 13.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 241,380 shares of the company’s stock after selling 37,341 shares during the quarter. Jennison Associates LLC’s holdings in Ferrari were worth $81,690,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Blue Trust Inc. boosted its position in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Merlin Capital Inc raised its holdings in shares of Ferrari by 1.3% during the third quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock valued at $738,000 after acquiring an additional 32 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Ferrari by 17.0% during the fourth quarter. Allworth Financial LP now owns 255 shares of the company’s stock valued at $86,000 after acquiring an additional 37 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of Ferrari by 8.1% during the fourth quarter. Lindbrook Capital LLC now owns 508 shares of the company’s stock valued at $172,000 after acquiring an additional 38 shares during the last quarter. Finally, Simplicity Solutions LLC raised its holdings in shares of Ferrari by 2.8% during the third quarter. Simplicity Solutions LLC now owns 1,411 shares of the company’s stock valued at $417,000 after acquiring an additional 39 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. Evercore ISI increased their target price on Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price target on shares of Ferrari in a report on Monday. One investment 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $413.86.

Ferrari Stock Performance

NYSE:RACE opened at $410.27 on Tuesday. Ferrari has a one year low of $273.39 and a one year high of $442.80. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The stock has a 50 day moving average price of $417.43 and a 200 day moving average price of $368.72.

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

Ferrari Dividend Announcement

The firm also recently disclosed an annual dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be given a $2.443 dividend. The ex-dividend date is Monday, April 22nd. This represents a yield of 0.62%.

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.