Hsbc Holdings PLC Decreases Stock Position in Ferrari (NYSE:RACE)

Hsbc Holdings PLC trimmed its holdings in Ferrari (NYSE:RACE - Free Report) by 52.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,565 shares of the company's stock after selling 56,412 shares during the period. Hsbc Holdings PLC's holdings in Ferrari were worth $22,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RACE. HBK Sorce Advisory LLC grew its position in shares of Ferrari by 3.6% in the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company's stock valued at $266,000 after purchasing an additional 22 shares in the last quarter. Citizens Financial Group Inc. RI grew its holdings in Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company's stock valued at $251,000 after buying an additional 25 shares in the last quarter. PDS Planning Inc increased its position in shares of Ferrari by 4.8% during the fourth quarter. PDS Planning Inc now owns 589 shares of the company's stock valued at $250,000 after buying an additional 27 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Ferrari by 10.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company's stock worth $140,000 after buying an additional 30 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Ferrari by 9.8% in the fourth quarter. Fifth Third Bancorp now owns 393 shares of the company's stock valued at $167,000 after acquiring an additional 35 shares during the period.

Ferrari Price Performance

Shares of NYSE RACE traded up $4.41 during trading hours on Tuesday, reaching $462.61. 261,658 shares of the stock traded hands, compared to its average volume of 329,383. The company's 50-day simple moving average is $444.52 and its two-hundred day simple moving average is $447.04. The company has a market capitalization of $112.13 billion, a P/E ratio of 50.56, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. Ferrari has a 52-week low of $391.54 and a 52-week high of $509.13. 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 Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. 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 of this dividend is Wednesday, April 23rd. Ferrari's payout ratio is presently 5.63%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. UBS Group lowered their price objective on Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. JPMorgan Chase & Co. reduced their target price on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Finally, StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $481.60.

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.