Public Employees Retirement System of Ohio Trims Holdings in Ferrari (NYSE:RACE)

Public Employees Retirement System of Ohio lowered its stake in shares of Ferrari (NYSE:RACE) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,671 shares of the company’s stock after selling 274 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Ferrari were worth $27,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Ferrari by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after acquiring an additional 45,754 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after purchasing an additional 594,547 shares during the last quarter. Norges Bank bought a new position in shares of Ferrari during the fourth quarter worth about $697,226,000. Bank of New York Mellon Corp grew its stake in Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after purchasing an additional 38,356 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after buying an additional 520,337 shares during the last quarter.

Ferrari Trading Down 3.1%

NYSE:RACE opened at $476.08 on Friday. The firm has a market capitalization of $115.39 billion, a P/E ratio of 52.03, a P/E/G ratio of 4.43 and a beta of 1.13. The business has a 50 day simple moving average of $451.37 and a 200 day simple moving average of $448.02. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12-month low of $391.54 and a 12-month high of $509.13.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the business posted $1.95 earnings per share. Equities research analysts predict that Ferrari will post 9.22 EPS for the current year.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which was paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd were paid a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend was Wednesday, April 23rd. Ferrari’s payout ratio is presently 5.45%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RACE. Wall Street Zen downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Thursday, May 15th. UBS Group upped their price target on Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $526.25.

Ferrari Profile

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.