Morse Asset Management Inc Sells 2,581 Shares of Ferrari N.V. $RACE

Morse Asset Management Inc lessened its stake in shares of Ferrari N.V. (NYSE:RACE) by 41.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,597 shares of the company’s stock after selling 2,581 shares during the period. Morse Asset Management Inc’s holdings in Ferrari were worth $1,330,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RACE. AQR Capital Management LLC increased its stake in Ferrari by 78.9% during the 1st quarter. AQR Capital Management LLC now owns 3,568 shares of the company’s stock worth $1,527,000 after acquiring an additional 1,574 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ferrari by 31.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company’s stock worth $82,000 after acquiring an additional 46 shares during the period. Woodline Partners LP bought a new position in Ferrari during the 1st quarter worth $1,519,000. Sivia Capital Partners LLC increased its stake in Ferrari by 67.5% during the 2nd quarter. Sivia Capital Partners LLC now owns 913 shares of the company’s stock worth $448,000 after acquiring an additional 368 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of Ferrari by 7.5% in the 2nd quarter. Rhumbline Advisers now owns 1,370 shares of the company’s stock valued at $672,000 after purchasing an additional 96 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RACE shares. JPMorgan Chase & Co. raised their target price on Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Morgan Stanley set a $420.00 price objective on Ferrari in a report on Monday, February 16th. Citigroup raised Ferrari from a “sell” rating to a “neutral” rating in a report on Thursday, February 12th. Zacks Research raised Ferrari from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $410.00 price objective on shares of Ferrari in a report on Wednesday, February 11th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and an average target price of $469.06.

Ferrari Trading Down 0.7%

NYSE RACE opened at $338.74 on Tuesday. The company has a quick ratio of 4.38, a current ratio of 5.70 and a debt-to-equity ratio of 0.74. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $519.10. The company has a market cap of $79.25 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 3.23 and a beta of 0.95. The business’s fifty day moving average is $347.32 and its 200 day moving average is $366.19.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be given a dividend of $3.615 per share. The ex-dividend date of this dividend is Tuesday, April 21st. This represents a yield of 119.0%. This is an increase from Ferrari’s previous annual dividend of $3.13. Ferrari’s dividend payout ratio is 5.09%.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.