Raymond James Financial Inc. Makes New Investment in Ferrari (NYSE:RACE)

Raymond James Financial Inc. acquired a new position in shares of Ferrari (NYSE:RACE) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 65,099 shares of the company’s stock, valued at approximately $27,657,000.

Other large investors have also recently added to or reduced their stakes in the company. Sapient Capital LLC increased its position in Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after buying an additional 653 shares during the period. Cerity Partners LLC increased its position in shares of Ferrari by 14.0% in the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the period. Allworth Financial LP increased its position in shares of Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares during the period. Bank of New York Mellon Corp increased its position in shares of Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after purchasing an additional 38,356 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ferrari by 156.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock worth $2,731,000 after purchasing an additional 3,900 shares during the period.

Analyst Ratings Changes

A number of brokerages recently commented on RACE. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

NYSE:RACE opened at $449.42 on Friday. The stock’s 50-day simple moving average is $454.38 and its 200 day simple moving average is $455.80. The firm has a market capitalization of $108.93 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a twelve month low of $399.27 and a twelve month high of $509.13.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

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.