GCQ FUNDS MANAGEMENT PTY Ltd Sells 19,753 Shares of Ferrari N.V. $RACE

Key Points

• GCQ FUNDS MANAGEMENT PTY Ltd sharply cut its Ferrari stake by 85.9% in the fourth quarter, selling 19,753 shares and leaving it with 3,240 shares worth about $1.197 million.
• Ferrari's stock was trading at $339.42, giving it a market cap of $79.41 billion; the shares have ranged from $312.51 to $519.10 over the past year.
• The company recently increased its annual dividend to $3.615 per share, and Wall Street analysts currently have a Moderate Buy consensus with a price target of $469.06.

GCQ FUNDS MANAGEMENT PTY Ltd lessened its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 85.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,240 shares of the company's stock after selling 19,753 shares during the period. Ferrari accounts for 0.2% of GCQ FUNDS MANAGEMENT PTY Ltd's portfolio, making the stock its 10th largest holding. GCQ FUNDS MANAGEMENT PTY Ltd's holdings in Ferrari were worth $1,197,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. AQR Capital Management LLC grew its holdings in Ferrari by 78.9% during the first quarter. AQR Capital Management LLC now owns 3,568 shares of the company's stock valued at $1,527,000 after purchasing an additional 1,574 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Ferrari by 31.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company's stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Woodline Partners LP acquired a new position in Ferrari during the first quarter valued at approximately $1,519,000. Sivia Capital Partners LLC grew its holdings in Ferrari by 67.5% during the second quarter. Sivia Capital Partners LLC now owns 913 shares of the company's stock valued at $448,000 after purchasing an additional 368 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Ferrari by 7.5% during the second quarter. Rhumbline Advisers now owns 1,370 shares of the company's stock valued at $672,000 after purchasing an additional 96 shares during the last quarter.

Ferrari Price Performance

NYSE:RACE opened at $339.42 on Friday. The stock has a market cap of $79.41 billion, a P/E ratio of 32.57, a PEG ratio of 3.31 and a beta of 0.95. Ferrari N.V. has a one year low of $312.51 and a one year high of $519.10. The company has a fifty day moving average price of $345.31 and a 200 day moving average price of $364.91. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.38.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 21st were paid a dividend of $3.615 per share. This is an increase from Ferrari's previous annual dividend of $3.13. This represents a yield of 119.0%. The ex-dividend date was Tuesday, April 21st.

Wall Street Analysts Forecast Growth

RACE has been the topic of several analyst reports. Jefferies Financial Group upgraded Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Morgan Stanley set a $420.00 target price on shares of Ferrari in a research report on Monday, February 16th. JPMorgan Chase & Co. upped their target price on shares of Ferrari from $407.00 to $447.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ferrari in a research note on Wednesday, February 11th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a research note on Friday, April 10th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $469.06.

Ferrari 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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