Ferrari N.V. $RACE is Groupe des Assurances du Credit Mutuel's 2nd Largest Position

Key Points

• Groupe des Assurances du Credit Mutuel raised its Ferrari stake by 23% to 171,000 shares, making Ferrari about 26.9% of its holdings and its second-largest position (worth roughly $82.97M, ~0.07% of Ferrari).
• Bank of New York Mellon materially increased its position, buying 1,039,234 shares to hold 2,670,762 shares of Ferrari, valued at approximately $1.296B.
• Ferrari declared an increased annual dividend of $3.615 per share (up from $3.13), payable May 5 with a record/ex-dividend date of April 21.

Groupe des Assurances du Credit Mutuel raised its position in Ferrari N.V. (NYSE:RACE - Free Report) by 23.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,000 shares of the company's stock after buying an additional 32,000 shares during the quarter. Ferrari comprises about 26.9% of Groupe des Assurances du Credit Mutuel's holdings, making the stock its 2nd largest position. Groupe des Assurances du Credit Mutuel owned about 0.07% of Ferrari worth $82,973,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RACE. Generali Asset Management SPA SGR boosted its position 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 purchasing an additional 12,485 shares during the period. Rheos Capital Works Inc. increased its stake in shares of Ferrari by 33.1% in the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company's stock worth $104,419,000 after purchasing an additional 53,500 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company's stock valued at $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Alta Capital Management LLC bought a new stake in shares of Ferrari in the third quarter valued at approximately $6,391,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Ferrari during the 3rd quarter valued at approximately $8,995,000.

Analyst Ratings Changes

Several research firms recently commented on RACE. BNP Paribas Exane raised shares of Ferrari to a "strong-buy" rating in a report on Thursday, December 11th. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a report on Wednesday, February 11th. HSBC restated a "hold" rating on shares of Ferrari in a research report on Tuesday, January 13th. Jefferies Financial Group reiterated a "hold" rating on shares of Ferrari in a research report on Wednesday, February 11th. Finally, Barclays set a $420.00 price objective on Ferrari and gave the company an "overweight" rating in a research note on Tuesday, December 9th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $475.61.

Ferrari Price Performance

Shares of NYSE:RACE opened at $340.78 on Thursday. The company has a 50 day moving average of $357.02 and a 200 day moving average of $399.75. 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 has a market cap of $79.73 billion, a P/E ratio of 33.70, a P/E/G ratio of 3.38 and a beta of 0.97. Ferrari N.V. has a 12 month low of $328.00 and a 12 month high of $519.10.

Ferrari Increases Dividend

The company also recently declared 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%. The ex-dividend date of this dividend is Tuesday, April 21st. This is a positive change from Ferrari's previous annual dividend of $3.13.

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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