Russell Investments Group Ltd. Increases Position in Ferrari (NYSE:RACE)

Russell Investments Group Ltd. increased its stake in shares of Ferrari (NYSE:RACE) by 2.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,482 shares of the company’s stock after buying an additional 3,277 shares during the period. Russell Investments Group Ltd. owned about 0.05% of Ferrari worth $54,847,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RACE. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. UBS Group reduced their target price on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $490.29.

Ferrari Stock Performance

Shares of RACE stock opened at $414.50 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a market capitalization of $100.47 billion, a price-to-earnings ratio of 45.30, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a one year low of $392.51 and a one year high of $509.13. The company has a 50 day moving average price of $455.45 and a 200 day moving average price of $450.92.

Ferrari Increases Dividend

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

Ferrari Company 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.