Exane Asset Management Increases Stake in Ferrari N.V. $RACE

Key Points

• Exane Asset Management boosted its stake in Ferrari N.V. (NYSE: RACE) by 100,191.7% in Q4, adding 12,023 shares to hold 12,035 shares valued at $4.504 million, making Ferrari 1.0% of its portfolio and its 21st largest position.
• Dividend increased: Ferrari raised its annual dividend to $3.615 per share (up from $3.13); the ex-dividend and record date is Tuesday, April 21 and the dividend is payable May 5 — the article reports a yield of 99.0%.
• Analyst outlook: MarketBeat shows a consensus rating of "Moderate Buy" with an average price target of $469.06, and several firms recently raised targets (e.g., JPMorgan to $447) while coverage splits across Strong Buy/Buy/Hold ratings.

Exane Asset Management lifted its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 100,191.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,035 shares of the company's stock after buying an additional 12,023 shares during the quarter. Ferrari comprises 1.0% of Exane Asset Management's portfolio, making the stock its 21st largest position. Exane Asset Management's holdings in Ferrari were worth $4,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of RACE. Generali Asset Management SPA SGR boosted its stake in Ferrari by 28.9% during the third quarter. Generali Asset Management SPA SGR now owns 55,690 shares of the company's stock worth $27,022,000 after acquiring an additional 12,485 shares in the last quarter. Rheos Capital Works Inc. boosted its stake in Ferrari by 33.1% during the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company's stock worth $104,419,000 after acquiring an additional 53,500 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company's stock worth $1,295,907,000 after acquiring an additional 1,039,234 shares in the last quarter. Alta Capital Management LLC bought a new stake in Ferrari during the third quarter worth about $6,391,000. Finally, Teacher Retirement System of Texas bought a new stake in Ferrari during the third quarter worth about $8,995,000.

Ferrari Stock Up 0.0%

Shares of Ferrari stock opened at $372.88 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70. The stock has a market capitalization of $87.23 billion, a PE ratio of 36.88, a price-to-earnings-growth ratio of 3.53 and a beta of 1.00. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $519.10. The company has a 50-day simple moving average of $350.67 and a two-hundred day simple moving average of $372.23.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 21st will be issued a $3.615 dividend. This represents a yield of 99.0%. This is a boost from Ferrari's previous annual dividend of $3.13. The ex-dividend date of this dividend is Tuesday, April 21st. Ferrari's dividend payout ratio is presently 5.09%.

Analyst Ratings Changes

RACE has been the topic of several research reports. Morgan Stanley set a $420.00 price objective on shares of Ferrari in a research note on Monday, February 16th. JPMorgan Chase & Co. boosted their price objective on shares of Ferrari from $407.00 to $447.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. Zacks Research raised shares of Ferrari from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. HSBC reissued a "hold" rating on shares of Ferrari in a research note on Tuesday, January 13th. Finally, Citigroup raised shares of Ferrari from a "sell" rating to a "neutral" rating in a research note on Thursday, February 12th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $469.06.

About Ferrari

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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