Capital Research Global Investors Lowers Stake in Ferrari (NYSE:RACE)

Capital Research Global Investors lessened its stake in Ferrari (NYSE:RACE) by 14.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 945,663 shares of the company’s stock after selling 162,674 shares during the quarter. Capital Research Global Investors’ holdings in Ferrari were worth $404,597,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Ferrari in the 4th quarter worth about $697,226,000. Barclays PLC increased its holdings in Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after purchasing an additional 567,407 shares during the period. Marshall Wace LLP raised its position in Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after purchasing an additional 520,337 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in Ferrari by 380.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after purchasing an additional 192,694 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in shares of Ferrari by 1,226.4% in the 4th quarter. Corient Private Wealth LLC now owns 132,694 shares of the company’s stock worth $56,153,000 after buying an additional 122,690 shares during the period.

Ferrari Stock Up 1.6 %

Shares of RACE stock opened at $439.76 on Friday. The stock’s fifty day moving average price is $450.23 and its 200 day moving average price is $447.34. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13. The company has a market cap of $106.59 billion, a price-to-earnings ratio of 48.06, 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 current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid a $3.1265 dividend. The ex-dividend date is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Analysts Set New Price Targets

Several research firms recently weighed in on RACE. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. UBS Group reduced their price objective on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Finally, JPMorgan Chase & Co. reduced their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.