Ferrari N.V. $RACE Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC cut its stake in Ferrari by 58.6% in Q4, selling 100,350 shares and leaving it with 70,993 shares worth about $26.24 million.
• Other institutions moved in the opposite direction: Bank of New York Mellon increased its holding by 63.7% to 2,670,762 shares (≈$1.296 billion), while Rheos and Generali also meaningfully boosted positions.
• Analysts remain broadly positive with a consensus rating of "Moderate Buy" and an average price target of $469.06 — JPMorgan raised its target to $447 and Jefferies upgraded to Buy — and Ferrari announced a higher annual dividend of $3.615 per share (ex-dividend April 21).

Jennison Associates LLC lowered its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 58.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,993 shares of the company's stock after selling 100,350 shares during the quarter. Jennison Associates LLC's holdings in Ferrari were worth $26,236,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

Several research firms recently commented on RACE. HSBC restated a "hold" rating on shares of Ferrari in a research report on Tuesday, January 13th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a research note on Wednesday, February 11th. JPMorgan Chase & Co. increased their price target on Ferrari from $407.00 to $447.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Jefferies Financial Group raised Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research note on Friday, April 10th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $469.06.

Ferrari Stock Performance

RACE opened at $341.84 on Friday. The firm has a market cap of $79.97 billion, a PE ratio of 33.81, a P/E/G ratio of 3.28 and a beta of 1.00. The company has a quick ratio of 4.38, a current ratio of 5.70 and a debt-to-equity ratio of 0.74. The business has a fifty day simple moving average of $347.32 and a 200-day simple moving average of $366.40. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 21st will be paid a dividend of $3.615 per share. The ex-dividend date of this dividend is Tuesday, April 21st. This represents a dividend yield of 119.0%. This is a boost 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.

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