Teacher Retirement System of Texas Cuts Stake in Ferrari N.V. $RACE

Key Points

• Teacher Retirement System of Texas cut its stake in Ferrari by 16.6% in Q4, selling 3,074 shares and finishing the quarter with 15,465 shares worth about $5.715 million.
• Ferrari raised its annual dividend to $3.615 per share (up from $3.13), with an ex-dividend date of April 21 and payment scheduled for May 5.
• Institutional and analyst activity is active: Ninety One UK opened a new position worth roughly $338.8 million, and MarketBeat shows a consensus rating of "Moderate Buy" with a $469.06 target amid mixed upgrades/downgrades.

Teacher Retirement System of Texas cut its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 16.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,465 shares of the company's stock after selling 3,074 shares during the period. Teacher Retirement System of Texas' holdings in Ferrari were worth $5,715,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Ferrari by 13.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 69,759 shares of the company's stock worth $26,111,000 after purchasing an additional 8,243 shares in the last quarter. Exane Asset Management increased its position in shares of Ferrari by 100,191.7% during the fourth quarter. Exane Asset Management now owns 12,035 shares of the company's stock worth $4,504,000 after purchasing an additional 12,023 shares in the last quarter. Baskin Financial Services Inc. increased its position in shares of Ferrari by 1.3% during the fourth quarter. Baskin Financial Services Inc. now owns 111,836 shares of the company's stock worth $41,330,000 after purchasing an additional 1,479 shares in the last quarter. First Horizon Corp increased its position in shares of Ferrari by 22.4% during the fourth quarter. First Horizon Corp now owns 1,893 shares of the company's stock worth $700,000 after purchasing an additional 346 shares in the last quarter. Finally, Ninety One UK Ltd acquired a new position in shares of Ferrari during the fourth quarter worth $338,785,000.

Analyst Upgrades and Downgrades

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

Ferrari Price Performance

Shares of RACE opened at $352.30 on Monday. The firm has a market capitalization of $82.42 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 3.33 and a beta of 1.00. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10. The company's fifty day moving average price is $349.55 and its 200-day moving average price is $367.53.

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 issued a dividend of $3.615 per share. This represents a dividend yield of 119.0%. This is a boost from Ferrari's previous annual dividend of $3.13. The ex-dividend date of this dividend is Tuesday, April 21st.

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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