Clearbridge Investments LLC Sells 28,417 Shares of Ferrari (NYSE:RACE)

Clearbridge Investments LLC lowered its stake in Ferrari (NYSE:RACE) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 459,651 shares of the company’s stock after selling 28,417 shares during the period. Clearbridge Investments LLC owned 0.19% of Ferrari worth $195,278,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management bought a new position in shares of Ferrari in the 4th quarter valued at $26,000. Hobbs Group Advisors LLC bought a new position in Ferrari in the third quarter valued at about $47,000. Armstrong Advisory Group Inc. boosted its stake in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Ferrari during the fourth quarter worth about $45,000. Finally, Plato Investment Management Ltd acquired a new position in shares of Ferrari in the fourth quarter valued at approximately $53,000.

Analyst Ratings Changes

RACE has been the topic of a number of research reports. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. JPMorgan Chase & Co. lowered their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Stock Up 0.7 %

Shares of Ferrari stock opened at $429.93 on Monday. The stock’s 50-day moving average is $456.00 and its 200 day moving average is $452.20. Ferrari has a one year low of $399.27 and a one year high of $509.13. The firm has a market cap of $104.21 billion, a price-to-earnings ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

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

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.