Absoluto Partners Gestao de Recursos Ltda Makes New Investment in Ferrari (NYSE:RACE)

Absoluto Partners Gestao de Recursos Ltda purchased a new stake in Ferrari (NYSE:RACE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,014 shares of the company's stock, valued at approximately $1,705,000. Ferrari makes up approximately 1.5% of Absoluto Partners Gestao de Recursos Ltda's investment portfolio, making the stock its 18th biggest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari in the fourth quarter valued at approximately $26,000. Armstrong Advisory Group Inc. grew its position in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after purchasing an additional 50 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Ferrari in the fourth quarter valued at $45,000. Plato Investment Management Ltd acquired a new stake in shares of Ferrari during the fourth quarter worth about $53,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of Ferrari by 705.9% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock worth $58,000 after buying an additional 120 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RACE shares. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They set a "hold" rating for the company. StockNews.com cut Ferrari from a "buy" rating to a "hold" rating in a research report on Tuesday, April 29th. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. cut their price objective on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and a consensus target price of $481.60.

Ferrari Price Performance

Shares of RACE stock traded up $8.38 during mid-day trading on Tuesday, reaching $474.84. The stock had a trading volume of 433,145 shares, compared to its average volume of 331,867. The company has a market cap of $115.09 billion, a P/E ratio of 51.90, a price-to-earnings-growth ratio of 4.43 and a beta of 1.13. Ferrari has a 12-month low of $391.54 and a 12-month high of $509.13. The business has a 50-day simple moving average of $440.88 and a 200 day simple moving average of $446.53. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Ferrari's previous annual dividend of $2.44. Ferrari's dividend payout ratio is 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.