Norges Bank Makes New Investment in Ferrari (NYSE:RACE)

Norges Bank acquired a new stake in shares of Ferrari (NYSE:RACE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,633,544 shares of the company’s stock, valued at approximately $697,226,000. Norges Bank owned 0.67% of Ferrari as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in shares of Ferrari in the 4th quarter valued at $853,000. Charles Schwab Investment Management Inc. increased its position in shares of Ferrari by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock worth $4,307,000 after acquiring an additional 755 shares in the last quarter. Sapient Capital LLC boosted its stake in Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Ferrari in the 4th quarter valued at about $3,371,000. Finally, Allworth Financial LP lifted its holdings in shares of Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after purchasing an additional 85 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have commented on RACE shares. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $497.86.

Ferrari Trading Up 3.1 %

Shares of RACE stock opened at $426.66 on Friday. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The company has a market capitalization of $103.41 billion, a PE ratio of 46.63, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm has a 50 day moving average price of $456.12 and a two-hundred day moving average price of $452.75. 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 Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio 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.