Cynosure Group LLC Sells 228 Shares of Ferrari (NYSE:RACE)

Cynosure Group LLC lowered its holdings in shares of Ferrari (NYSE:RACE) by 23.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 725 shares of the company’s stock after selling 228 shares during the period. Cynosure Group LLC’s holdings in Ferrari were worth $308,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RACE. Vanguard Group Inc. increased its holdings in Ferrari by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares during the period. Bank of Italy increased its stake in shares of Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after buying an additional 63,675 shares during the period. 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 lifted its stake in shares of 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 acquiring an additional 38,356 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in Ferrari by 6.4% in the fourth quarter. William Blair Investment Management LLC now owns 594,657 shares of the company’s stock valued at $252,634,000 after acquiring an additional 35,525 shares during the last quarter.

Ferrari Stock Performance

Shares of Ferrari stock opened at $438.40 on Thursday. The business has a 50-day simple moving average of $455.78 and a 200 day simple moving average of $451.54. The firm has a market capitalization of $106.26 billion, a price-to-earnings ratio of 47.91, a PEG ratio of 4.43 and a beta of 0.94. 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 one year low of $399.27 and a one year high of $509.13.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is presently 5.63%.

Analyst Ratings Changes

Several research firms have issued reports on RACE. UBS Group lowered their price target on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. JPMorgan Chase & Co. lowered their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $498.86.

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.