Ferrari (NYSE:RACE) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of Ferrari (NYSE:RACE) by 15.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 135,139 shares of the company’s stock after selling 25,608 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ferrari were worth $58,913,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC increased its stake in shares of Ferrari by 332.5% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 17,300 shares of the company’s stock valued at $5,113,000 after acquiring an additional 13,300 shares during the last quarter. AXQ Capital LP purchased a new stake in shares of Ferrari during the 3rd quarter valued at $205,000. Lido Advisors LLC increased its holdings in shares of Ferrari by 29.3% during the 3rd quarter. Lido Advisors LLC now owns 945 shares of the company’s stock worth $279,000 after buying an additional 214 shares during the last quarter. Legal & General Group Plc raised its position in shares of Ferrari by 8,986.8% in the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares during the period. Finally, Scopus Asset Management L.P. purchased a new position in shares of Ferrari in the 3rd quarter worth $8,571,000.

Ferrari Stock Up 1.0 %

NYSE:RACE opened at $414.38 on Wednesday. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25. The firm has a 50-day moving average of $415.26 and a two-hundred day moving average of $396.63.

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

Ferrari Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Sanford C. Bernstein increased their price objective 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. Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Finally, Bank of America increased their price target on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Ferrari has an average rating of “Hold” and an average price target of $461.67.

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.