Sycomore Asset Management Boosts Position in Ferrari (NYSE:RACE)

Sycomore Asset Management increased its stake in Ferrari (NYSE:RACE) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,829 shares of the company’s stock after purchasing an additional 1,751 shares during the period. Ferrari makes up approximately 2.3% of Sycomore Asset Management’s portfolio, making the stock its 10th biggest holding. Sycomore Asset Management’s holdings in Ferrari were worth $10,717,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Yousif Capital Management LLC increased its position in shares of Ferrari by 6.9% in the fourth quarter. Yousif Capital Management LLC now owns 3,420 shares of the company’s stock worth $1,157,000 after purchasing an additional 220 shares during the last quarter. Linden Thomas Advisory Services LLC bought a new position in Ferrari during the fourth quarter valued at approximately $222,000. PDS Planning Inc bought a new position in Ferrari during the fourth quarter valued at approximately $217,000. Duality Advisers LP grew its position in Ferrari by 50.2% during the fourth quarter. Duality Advisers LP now owns 17,878 shares of the company’s stock valued at $6,050,000 after acquiring an additional 5,974 shares during the last quarter. Finally, LRT Capital Management LLC bought a new position in Ferrari during the fourth quarter valued at approximately $248,000.

Ferrari Stock Down 1.0 %

Ferrari stock traded down $4.41 on Wednesday, hitting $420.33. 237,100 shares of the stock traded hands, compared to its average volume of 305,629. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81. The firm has a market cap of $77.66 billion, a P/E ratio of 56.42, a price-to-earnings-growth ratio of 3.14 and a beta of 0.97. The business’s fifty day simple moving average is $419.13 and its 200 day simple moving average is $369.92. Ferrari has a 1 year low of $273.39 and a 1 year high of $442.80.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. As a group, sell-side analysts forecast that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Dividend Announcement

The business also recently disclosed an annual dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be given a dividend of $2.443 per share. The ex-dividend date is Monday, April 22nd. This represents a dividend yield of 0.62%. Ferrari’s payout ratio is currently 6.91%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Bank of America increased their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. UBS Group raised their target price on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Sanford C. Bernstein raised their target price on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Finally, Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $413.86.

Ferrari Company 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.