Wellington Management Group LLP Sells 78,439 Shares of Ferrari (NYSE:RACE)

Wellington Management Group LLP reduced its stake in Ferrari (NYSE:RACE) by 15.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 435,543 shares of the company’s stock after selling 78,439 shares during the quarter. Wellington Management Group LLP’s holdings in Ferrari were worth $146,839,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in RACE. PNC Financial Services Group Inc. lifted its position in Ferrari by 5.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 15,129 shares of the company’s stock valued at $4,471,000 after acquiring an additional 753 shares in the last quarter. Kestra Advisory Services LLC lifted its position in Ferrari by 15.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 3,128 shares of the company’s stock valued at $924,000 after acquiring an additional 422 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Ferrari by 44.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 290,694 shares of the company’s stock valued at $85,945,000 after acquiring an additional 89,130 shares in the last quarter. Invesco Ltd. lifted its position in Ferrari by 61.6% in the 3rd quarter. Invesco Ltd. now owns 255,857 shares of the company’s stock valued at $75,616,000 after acquiring an additional 97,546 shares in the last quarter. Finally, Mariner LLC lifted its position in Ferrari by 3.6% in the 3rd quarter. Mariner LLC now owns 10,956 shares of the company’s stock valued at $3,238,000 after acquiring an additional 380 shares in the last quarter.

Wall Street Analyst Weigh In

RACE has been the topic of several analyst reports. Evercore ISI boosted their price target on shares of Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, May 29th. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. Finally, Sanford C. Bernstein boosted their price target on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $456.67.

Ferrari Stock Down 0.4 %

Shares of RACE stock opened at $414.36 on Thursday. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The firm’s 50-day moving average is $414.86 and its 200-day moving average is $393.61. Ferrari has a 52-week low of $285.02 and a 52-week high of $442.80.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. As a group, equities research analysts forecast that Ferrari will post 8.2 EPS for the current fiscal year.

Ferrari Dividend Announcement

The business also recently declared an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a $2.443 dividend. The ex-dividend date was Monday, April 22nd. This represents a yield of 0.62%.

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.