Russell Investments Group Ltd. Increases Holdings in Ferrari (NYSE:RACE)

Russell Investments Group Ltd. raised its stake in Ferrari (NYSE:RACE) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,482 shares of the company’s stock after purchasing an additional 3,277 shares during the quarter. Russell Investments Group Ltd.’s holdings in Ferrari were worth $54,847,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Ferrari during the 4th quarter valued at $697,226,000. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Ferrari by 380.7% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after acquiring an additional 192,694 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Ferrari by 1,226.4% in the fourth quarter. Corient Private Wealth LLC now owns 132,694 shares of the company’s stock worth $56,153,000 after acquiring an additional 122,690 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in Ferrari in the fourth quarter valued at about $46,908,000. Finally, Raymond James Financial Inc. acquired a new stake in Ferrari during the 4th quarter valued at approximately $27,657,000.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RACE shares. UBS Group cut their target price on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $490.29.

Ferrari Price Performance

Shares of NYSE:RACE opened at $414.50 on Monday. The company has a market cap of $100.47 billion, a PE ratio of 45.30, a P/E/G ratio of 4.43 and a beta of 0.94. Ferrari has a fifty-two week low of $392.51 and a fifty-two week high of $509.13. The firm has a 50-day simple moving average of $455.45 and a 200 day simple moving average of $450.92. 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 business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is a boost from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is presently 5.63%.

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.