Jennison Associates LLC Has $26.24 Million Stock Holdings in Ferrari N.V. $RACE

Jennison Associates LLC lessened its holdings in Ferrari N.V. (NYSE:RACE) by 58.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,993 shares of the company’s stock after selling 100,350 shares during the period. Jennison Associates LLC’s holdings in Ferrari were worth $26,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Benjamin Edwards Inc. boosted its position in shares of Ferrari by 3.7% in the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock worth $299,000 after buying an additional 22 shares during the period. Wealth Alliance LLC boosted its position in shares of Ferrari by 2.0% in the third quarter. Wealth Alliance LLC now owns 1,251 shares of the company’s stock worth $607,000 after buying an additional 25 shares during the period. Pacific Sun Financial Corp boosted its position in shares of Ferrari by 2.5% in the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company’s stock worth $489,000 after buying an additional 25 shares during the period. Horizon Investments LLC boosted its position in shares of Ferrari by 33.3% in the third quarter. Horizon Investments LLC now owns 104 shares of the company’s stock worth $50,000 after buying an additional 26 shares during the period. Finally, Evergreen Capital Management LLC boosted its position in shares of Ferrari by 1.4% in the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company’s stock worth $946,000 after buying an additional 26 shares during the period.

Ferrari Price Performance

NYSE RACE opened at $341.84 on Friday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The stock’s 50-day moving average is $347.32 and its two-hundred day moving average is $366.40. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. The firm has a market cap of $79.97 billion, a P/E ratio of 33.81, a price-to-earnings-growth ratio of 3.28 and a beta of 1.00.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 21st will be issued a dividend of $3.615 per share. This represents a yield of 119.0%. This is an increase from Ferrari’s previous annual dividend of $3.13. The ex-dividend date is Tuesday, April 21st. Ferrari’s dividend payout ratio is 5.09%.

Analysts Set New Price Targets

Several brokerages have recently commented on RACE. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. UBS Group decreased their target price on Ferrari from $555.00 to $483.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Citigroup raised Ferrari from a “sell” rating to a “neutral” rating in a research report on Thursday, February 12th. Sanford C. Bernstein reissued an “outperform” rating and set a $410.00 price objective on shares of Ferrari in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Ferrari in a research report on Wednesday, February 11th. Three equities research 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $469.06.

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.