Ferrari (NYSE:RACE) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. cut its holdings in shares of Ferrari (NYSE:RACE) by 1.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,635,392 shares of the company’s stock after selling 18,346 shares during the period. Alliancebernstein L.P. owned about 0.67% of Ferrari worth $694,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RACE shares. JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Trading Up 0.7 %

NYSE RACE opened at $429.93 on Monday. The firm’s 50-day moving average is $456.00 and its two-hundred day moving average is $452.20. The stock has a market capitalization of $104.21 billion, a P/E ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13. 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 company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a $3.1265 dividend. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s payout ratio is presently 5.63%.

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.