Ferrari (NYSE:RACE) Shares Bought by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI grew its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 13.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 79,796 shares of the company's stock after acquiring an additional 9,274 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Ferrari were worth $34,042,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vident Advisory LLC boosted its position in Ferrari by 4.9% during the 4th quarter. Vident Advisory LLC now owns 2,642 shares of the company's stock worth $1,123,000 after acquiring an additional 124 shares during the period. Squarepoint Ops LLC boosted its position in Ferrari by 129.3% during the 4th quarter. Squarepoint Ops LLC now owns 6,907 shares of the company's stock worth $2,934,000 after acquiring an additional 3,895 shares during the period. Strategic Global Advisors LLC boosted its position in Ferrari by 103.0% during the 4th quarter. Strategic Global Advisors LLC now owns 1,342 shares of the company's stock worth $570,000 after acquiring an additional 681 shares during the period. Strive Asset Management LLC acquired a new position in Ferrari during the 4th quarter worth $850,000. Finally, Thornburg Investment Management Inc. boosted its position in Ferrari by 2.3% during the 4th quarter. Thornburg Investment Management Inc. now owns 84,960 shares of the company's stock worth $36,094,000 after acquiring an additional 1,919 shares during the period.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. 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. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They issued a "hold" rating for the company. Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. StockNews.com lowered Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Finally, UBS Group upped their price objective on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $526.25.

Ferrari Stock Down 0.3%

NYSE:RACE opened at $497.03 on Tuesday. The firm has a market capitalization of $120.47 billion, a price-to-earnings ratio of 54.32, a PEG ratio of 4.43 and a beta of 1.13. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The business's fifty day moving average price is $447.95 and its 200 day moving average price is $446.98.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.06. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. Ferrari's quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 earnings per share. On average, sell-side analysts forecast that Ferrari will post 9.22 earnings per share for the current fiscal year.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were given a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a positive change from Ferrari's previous annual dividend of $2.44. The ex-dividend date of this dividend was Wednesday, April 23rd. Ferrari's payout ratio is presently 5.45%.

About Ferrari

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.

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