Ferrari (NYSE:RACE) Shares Sold by Northern Trust Corp

Northern Trust Corp lowered its position in Ferrari (NYSE:RACE - Free Report) by 9.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 320,090 shares of the company's stock after selling 34,862 shares during the quarter. Northern Trust Corp owned 0.13% of Ferrari worth $135,987,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new position in Ferrari during the fourth quarter worth $26,000. Armstrong Advisory Group Inc. boosted its stake in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock valued at $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in Ferrari during the 4th quarter worth about $45,000. Plato Investment Management Ltd acquired a new position in Ferrari in the 4th quarter valued at about $53,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Ferrari by 705.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock valued at $58,000 after purchasing an additional 120 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. cut their price target on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research report on Thursday, February 6th. They issued a "hold" rating for the company. Finally, UBS Group decreased their price target on Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $481.60.

Ferrari Trading Up 1.8 %

Shares of Ferrari stock traded up $8.38 during trading hours on Tuesday, reaching $474.84. The stock had a trading volume of 433,145 shares, compared to its average volume of 331,770. The firm has a market capitalization of $115.09 billion, a price-to-earnings ratio of 51.90, a P/E/G ratio of 4.43 and a beta of 1.13. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm has a 50 day simple moving average of $440.88 and a two-hundred day simple moving average of $446.53.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a boost from Ferrari's previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari's payout ratio is 5.63%.

About Ferrari

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.