New York State Common Retirement Fund Trims Stock Holdings in Ferrari (NYSE:RACE)

New York State Common Retirement Fund lowered its position in shares of Ferrari (NYSE:RACE) by 56.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 19,302 shares of the company’s stock after selling 25,400 shares during the quarter. New York State Common Retirement Fund’s holdings in Ferrari were worth $6,532,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. acquired a new position in shares of Ferrari in the 4th quarter valued at about $27,000. Householder Group Estate & Retirement Specialist LLC boosted its position in Ferrari by 320.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after purchasing an additional 80 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Ferrari by 37.0% during the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the period. Allworth Financial LP increased its holdings in shares of Ferrari by 327.5% during the 3rd quarter. Allworth Financial LP now owns 218 shares of the company’s stock valued at $64,000 after purchasing an additional 167 shares in the last quarter. Finally, Operose Advisors LLC acquired a new position in shares of Ferrari in the 3rd quarter valued at $78,000.

Ferrari Price Performance

Ferrari stock opened at $430.16 on Friday. The company has a fifty day simple moving average of $421.97 and a 200-day simple moving average of $374.14. The firm has a market capitalization of $79.47 billion, a price-to-earnings ratio of 57.74, a PEG ratio of 3.18 and a beta of 0.98. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. Ferrari has a 52-week low of $283.20 and a 52-week high of $442.80.

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

Ferrari Announces Dividend

The business also recently announced an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were issued a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd. Ferrari’s dividend payout ratio is currently 6.91%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RACE shares. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. UBS Group upped their price target on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Sanford C. Bernstein raised their price objective on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Bank of America upped their target price on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $400.00 price target on shares of Ferrari in a research note on Monday, April 22nd. 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $413.86.

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.