State of Tennessee Department of Treasury Sells 29,789 Shares of Ferrari (NYSE:RACE)

State of Tennessee Department of Treasury cut its stake in shares of Ferrari (NYSE:RACE - Free Report) by 10.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 267,797 shares of the company's stock after selling 29,789 shares during the quarter. State of Tennessee Department of Treasury owned 0.11% of Ferrari worth $114,360,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. TD Waterhouse Canada Inc. grew its stake in Ferrari by 13.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,319 shares of the company's stock valued at $3,955,000 after acquiring an additional 1,116 shares in the last quarter. MetLife Investment Management LLC increased its stake in Ferrari by 30.7% in the 4th quarter. MetLife Investment Management LLC now owns 14,780 shares of the company's stock valued at $6,332,000 after buying an additional 3,474 shares during the period. NWK Group Inc. lifted its position in Ferrari by 0.9% in the 4th quarter. NWK Group Inc. now owns 10,302 shares of the company's stock worth $4,377,000 after buying an additional 92 shares in the last quarter. Ossiam boosted its stake in shares of Ferrari by 12.3% during the 4th quarter. Ossiam now owns 25,892 shares of the company's stock valued at $11,057,000 after buying an additional 2,832 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Ferrari by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 176,138 shares of the company's stock worth $74,832,000 after acquiring an additional 6,662 shares during the last quarter.

Ferrari Stock Performance

Shares of RACE traded down $5.65 during mid-day trading on Wednesday, hitting $441.51. The company's stock had a trading volume of 340,590 shares, compared to its average volume of 328,797. Ferrari has a one year low of $391.54 and a one year high of $509.13. The stock's 50-day moving average is $447.18 and its two-hundred day moving average is $447.18. The firm has a market capitalization of $107.01 billion, a PE ratio of 48.25, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a $3.1265 dividend. This represents a 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 (DPR) is currently 5.63%.

Analyst Upgrades and Downgrades

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

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.