Zurcher Kantonalbank Zurich Cantonalbank Sells 267 Shares of Ferrari (NYSE:RACE)

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in shares of Ferrari (NYSE:RACE) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,470 shares of the company’s stock after selling 267 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ferrari were worth $35,645,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Sapient Capital LLC boosted its stake in Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after buying an additional 653 shares in the last quarter. Cerity Partners LLC boosted its stake in Ferrari by 14.0% during the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after buying an additional 3,308 shares in the last quarter. Allworth Financial LP boosted its stake in Ferrari by 35.1% during the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after buying an additional 85 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Ferrari by 2.4% during 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 buying an additional 38,356 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Ferrari by 156.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock worth $2,731,000 after buying an additional 3,900 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RACE shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Down 2.7 %

Shares of NYSE RACE opened at $437.30 on Tuesday. The firm’s 50-day simple moving average is $452.39 and its 200 day simple moving average is $456.45. The company has a market cap of $105.99 billion, a price-to-earnings ratio of 47.79, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s dividend 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.