Ninety One North America Inc. Makes New Investment in Ferrari N.V. $RACE

Key Points

• Ninety One North America purchased a new position of 11,126 Ferrari shares in Q4, valued at about $4.16 million, joining other institutions that have recently adjusted their stakes.
• Ferrari increased its annual dividend to $3.615 (up from $3.13), payable May 5 with shareholders of record on April 21.
• Analyst sentiment is broadly positive — the stock carries an average rating of "Moderate Buy" with a consensus price target of $469.06 after several upgrades from firms including Citigroup and Jefferies.

Ninety One North America Inc. purchased a new position in Ferrari N.V. (NYSE:RACE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 11,126 shares of the company's stock, valued at approximately $4,164,000.

A number of other institutional investors also recently made changes to their positions in RACE. AQR Capital Management LLC boosted its stake in Ferrari by 78.9% during the first quarter. AQR Capital Management LLC now owns 3,568 shares of the company's stock valued at $1,527,000 after buying an additional 1,574 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ferrari by 31.1% during 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 stake in shares of Ferrari during the first quarter valued at $1,519,000. Sivia Capital Partners LLC lifted its holdings in shares of Ferrari by 67.5% during 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 lifted its holdings in shares of Ferrari by 7.5% during 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.

Ferrari Price Performance

Shares of NYSE:RACE opened at $372.88 on Friday. 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 firm has a market capitalization of $87.23 billion, a PE ratio of 36.88, a PEG ratio of 3.37 and a beta of 1.00. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10. The business's 50 day moving average is $350.67 and its 200-day moving average is $373.83.

Ferrari Increases Dividend

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

Analysts Set New Price Targets

RACE has been the subject of several analyst reports. Citigroup raised Ferrari from a "sell" rating to a "neutral" rating in a report on Thursday, February 12th. Jefferies Financial Group raised Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research note on Friday, April 10th. HSBC reissued a "hold" rating on shares of Ferrari in a research note on Tuesday, January 13th. Finally, Zacks Research raised Ferrari from a "strong sell" rating to a "hold" rating in a research note on Monday, February 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $469.06.

Ferrari Company 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.

Want to see what other hedge funds are holding RACE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ferrari N.V. (NYSE:RACE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.