Ninety One SA Pty Ltd Invests $11.86 Million in Ferrari N.V. $RACE

Ninety One SA Pty Ltd acquired a new stake in Ferrari N.V. (NYSE:RACE) in the fourth quarter, Holdings Channel.com reports. The fund acquired 31,680 shares of the company’s stock, valued at approximately $11,858,000. Ferrari accounts for 0.5% of Ninety One SA Pty Ltd’s holdings, making the stock its 28th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Groupama Asset Managment raised its stake in Ferrari by 5.7% during the third quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock worth $8,244,189,000 after purchasing an additional 916,821 shares during the period. Vanguard Group Inc. grew its stake in shares of Ferrari by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,154,944 shares of the company’s stock valued at $2,498,710,000 after buying an additional 81,017 shares during the period. Amundi grew its stake in shares of Ferrari by 8.0% in the 3rd quarter. Amundi now owns 2,972,368 shares of the company’s stock valued at $1,461,008,000 after buying an additional 219,909 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Ferrari by 63.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after buying an additional 1,039,234 shares during the last quarter. Finally, Bank of Italy increased its holdings in shares of Ferrari by 2.3% during the 3rd quarter. Bank of Italy now owns 2,462,771 shares of the company’s stock worth $1,190,158,000 after buying an additional 55,500 shares during the last quarter.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent analyst reports. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. HSBC reissued a “hold” rating on shares of Ferrari in a research note on Tuesday, January 13th. JPMorgan Chase & Co. lifted their target price on Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Sanford C. Bernstein reiterated an “outperform” rating and set a $410.00 price target on shares of Ferrari in a report on Wednesday, February 11th. Finally, Citigroup upgraded Ferrari from a “sell” rating to a “neutral” rating in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $469.06.

Ferrari Stock Up 4.6%

Shares of NYSE:RACE opened at $372.88 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. The firm has a market capitalization of $87.23 billion, a PE ratio of 36.88, a price-to-earnings-growth ratio of 3.37 and a beta of 1.00. The firm’s 50-day moving average is $350.67 and its two-hundred day moving average is $373.83. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $519.10.

Ferrari Increases Dividend

The firm also recently disclosed 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 represents a dividend yield of 99.0%. This is an increase from Ferrari’s previous annual dividend of $3.13. The ex-dividend date is Tuesday, April 21st.

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.