Manning & Napier Advisors LLC Cuts Stake in Ferrari N.V. $RACE

Key Points

• Manning & Napier Advisors sharply reduced its Ferrari stake by 93.5% in the fourth quarter, selling more than 255,000 shares and ending with 17,656 shares valued at about $6.6 million.
• Several analysts remain positive on Ferrari, with a consensus rating of “Moderate Buy” and an average price target of $469.06, though some firms recently moved to more neutral views.
• Ferrari shares were up 0.6% at $339.42, and the company recently raised its annual dividend to $3.615 per share from $3.13.

Manning & Napier Advisors LLC cut its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 93.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,656 shares of the company's stock after selling 255,436 shares during the quarter. Manning & Napier Advisors LLC's holdings in Ferrari were worth $6,577,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RACE. Westside Investment Management Inc. increased its stake in Ferrari by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 56 shares of the company's stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. Root Financial Partners LLC bought a new position in shares of Ferrari in the third quarter worth approximately $28,000. Community Bank N.A. bought a new position in shares of Ferrari in the third quarter worth approximately $33,000. CX Institutional grew its holdings in shares of Ferrari by 227.3% during the third quarter. CX Institutional now owns 72 shares of the company's stock valued at $35,000 after buying an additional 50 shares during the last quarter. Finally, Westfuller Advisors LLC purchased a new stake in shares of Ferrari during the third quarter valued at approximately $43,000.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RACE shares. Morgan Stanley set a $420.00 price objective on shares of Ferrari in a report on Monday, February 16th. Zacks Research upgraded Ferrari from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. HSBC reissued a "hold" rating on shares of Ferrari in a report on Tuesday, January 13th. Citigroup raised Ferrari from a "sell" rating to a "neutral" rating in a report on Thursday, February 12th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $410.00 price objective on shares of Ferrari in a research report on Wednesday, February 11th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $469.06.

Ferrari Stock Up 0.6%

Shares of Ferrari stock opened at $339.42 on Friday. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $519.10. The company has a quick ratio of 4.38, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. The company's 50 day moving average is $345.31 and its 200 day moving average is $364.91. The company has a market cap of $79.41 billion, a price-to-earnings ratio of 32.57, a price-to-earnings-growth ratio of 3.31 and a beta of 0.95.

Ferrari Increases Dividend

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

About Ferrari

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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