Ferrari N.V. $RACE is Bank of Italy's Largest Position

Key Points

• Bank of Italy trimmed its stake in Ferrari by 1.6% in Q4 to 2,423,235 shares (selling 39,536), yet Ferrari remains its largest holding at 39.4% of the portfolio, valued at about $907.4 million.
• Wall Street analysts have a consensus rating of Moderate Buy on RACE with an average price target of $469.06, and several firms recently raised ratings or targets (e.g., Jefferies to Buy, JPMorgan to Overweight).
• Ferrari increased its annual dividend to $3.615 (from $3.13), payable May 5 with a record and ex-dividend date of April 21.

Bank of Italy decreased its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,423,235 shares of the company's stock after selling 39,536 shares during the period. Ferrari makes up 39.4% of Bank of Italy's portfolio, making the stock its biggest position. Bank of Italy owned 1.00% of Ferrari worth $907,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Ferrari by 78.9% in the first quarter. AQR Capital Management LLC now owns 3,568 shares of the company's stock valued at $1,527,000 after purchasing an additional 1,574 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ferrari by 31.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 194 shares of the company's stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Woodline Partners LP purchased a new position in Ferrari in the first quarter valued at about $1,519,000. Sivia Capital Partners LLC boosted its holdings in Ferrari by 67.5% in the second quarter. Sivia Capital Partners LLC now owns 913 shares of the company's stock valued at $448,000 after purchasing an additional 368 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Ferrari by 7.5% in the second quarter. Rhumbline Advisers now owns 1,370 shares of the company's stock valued at $672,000 after purchasing an additional 96 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RACE. Jefferies Financial Group raised Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. UBS Group reduced their price target on Ferrari from $555.00 to $483.00 and set a "buy" rating for the company in a report on Wednesday, April 1st. JPMorgan Chase & Co. increased their price target on Ferrari from $407.00 to $447.00 and gave the company an "overweight" rating in a report on Tuesday, March 3rd. HSBC reissued a "hold" rating on shares of Ferrari in a report on Tuesday, January 13th. Finally, Citigroup raised Ferrari from a "sell" rating to a "neutral" rating in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $469.06.

Ferrari Trading Up 4.6%

Shares of NYSE RACE opened at $372.88 on Friday. The company has a market cap of $87.23 billion, a price-to-earnings ratio of 36.88, a price-to-earnings-growth ratio of 3.37 and a beta of 1.00. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $519.10. The company has a current ratio of 5.70, a quick ratio of 4.38 and a debt-to-equity ratio of 0.74. The stock's 50 day simple moving average is $350.67 and its 200 day simple moving average is $373.06.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be issued a $3.615 dividend. This is a positive change from Ferrari's previous annual dividend of $3.13. The ex-dividend date of this dividend is Tuesday, April 21st. This represents a dividend yield of 99.0%.

Ferrari Profile

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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