Allianz SE Makes New $8.61 Million Investment in Ferrari (NYSE:RACE)

Allianz SE purchased a new stake in Ferrari (NYSE:RACE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 20,192 shares of the company’s stock, valued at approximately $8,611,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hanson & Doremus Investment Management acquired a new position in Ferrari in the 4th quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new stake in Ferrari in the 3rd quarter worth approximately $47,000. Armstrong Advisory Group Inc. raised its holdings in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Ferrari during the 4th quarter worth $45,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Ferrari during the fourth quarter worth $53,000.

Wall Street Analysts Forecast Growth

Several analysts have commented on RACE shares. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. decreased their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $497.86.

Ferrari Stock Up 0.7 %

RACE opened at $429.93 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13. The stock’s 50 day moving average price is $456.00 and its 200 day moving average price is $452.46. The stock has a market cap of $104.21 billion, a P/E ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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