Artisan Partners Limited Partnership Sells 18,445 Shares of Ferrari N.V. $RACE

Artisan Partners Limited Partnership lowered its stake in Ferrari N.V. (NYSE:RACE) by 13.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 116,268 shares of the company’s stock after selling 18,445 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Ferrari were worth $56,416,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Generali Asset Management SPA SGR raised its stake in shares of Ferrari by 28.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 55,690 shares of the company’s stock worth $27,022,000 after purchasing an additional 12,485 shares in the last quarter. Rheos Capital Works Inc. increased its holdings in Ferrari by 33.1% during the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company’s stock worth $104,419,000 after buying an additional 53,500 shares during the last quarter. Bank of New York Mellon Corp raised its position in Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after acquiring an additional 1,039,234 shares in the last quarter. Alta Capital Management LLC acquired a new stake in Ferrari in the third quarter valued at $6,391,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Ferrari in the 3rd quarter valued at about $8,995,000.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RACE shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Ferrari in a research note on Monday, December 29th. Barclays set a $420.00 price objective on Ferrari and gave the company an “overweight” rating in a research report on Tuesday, December 9th. HSBC reissued a “hold” rating on shares of Ferrari in a report on Tuesday, January 13th. Morgan Stanley set a $420.00 price target on Ferrari in a report on Monday, February 16th. Finally, Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $476.52.

Ferrari Stock Performance

RACE opened at $379.99 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. The business has a fifty day simple moving average of $360.39 and a 200 day simple moving average of $406.24. Ferrari N.V. has a 1 year low of $328.00 and a 1 year high of $519.10. The company has a market capitalization of $88.90 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 3.66 and a beta of 0.99.

Ferrari Increases Dividend

The firm also recently declared 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. This is a positive change from Ferrari’s previous annual dividend of $3.13. This represents a yield of 99.0%. The ex-dividend date of this dividend is Tuesday, April 21st.

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.