NewEdge Wealth LLC Grows Stock Holdings in Ferrari (NYSE:RACE)

NewEdge Wealth LLC grew its stake in Ferrari (NYSE:RACE) by 7.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,462 shares of the company’s stock after purchasing an additional 803 shares during the period. NewEdge Wealth LLC’s holdings in Ferrari were worth $4,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Ferrari by 29.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,500 shares of the company’s stock valued at $1,179,000 after purchasing an additional 570 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Ferrari by 11.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,345 shares of the company’s stock valued at $1,102,000 after purchasing an additional 241 shares during the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Ferrari by 8.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 3,656 shares of the company’s stock valued at $1,719,000 after purchasing an additional 284 shares during the last quarter. Financial Advocates Investment Management grew its stake in shares of Ferrari by 2.9% in the 3rd quarter. Financial Advocates Investment Management now owns 2,889 shares of the company’s stock valued at $1,355,000 after buying an additional 81 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Ferrari during the 3rd quarter worth approximately $29,000.

Ferrari Price Performance

RACE opened at $459.90 on Friday. The stock’s 50-day moving average price is $449.10 and its 200 day moving average price is $456.54. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The firm has a market cap of $112.10 billion, a price-to-earnings ratio of 50.26, a PEG ratio of 4.43 and a beta of 0.95. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently commented on RACE shares. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group raised their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Profile

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.