Rakuten Securities Inc. Makes New Investment in Ferrari (NYSE:RACE)

Rakuten Securities Inc. bought a new stake in Ferrari (NYSE:RACE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 231 shares of the company’s stock, valued at approximately $78,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Ferrari by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after purchasing an additional 61,132 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Ferrari by 39.0% in the first quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock valued at $468,275,000 after buying an additional 484,782 shares during the last quarter. Norges Bank acquired a new stake in shares of Ferrari in the fourth quarter valued at about $354,547,000. Bank of New York Mellon Corp lifted its stake in shares of Ferrari by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 1,635,501 shares of the company’s stock worth $483,356,000 after buying an additional 5,310 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in Ferrari by 24.0% during the second quarter. Alliancebernstein L.P. now owns 1,466,627 shares of the company’s stock worth $476,962,000 after acquiring an additional 284,169 shares during the last quarter.

Analyst Ratings Changes

A number of analysts have commented on RACE shares. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. UBS Group boosted their price objective on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Sanford C. Bernstein raised their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Bank of America boosted their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $393.86.

Ferrari Stock Up 1.3 %

NYSE RACE opened at $416.52 on Thursday. The stock has a fifty day simple moving average of $416.10 and a 200-day simple moving average of $365.86. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81. Ferrari has a twelve month low of $272.70 and a twelve month high of $442.80.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. On average, sell-side analysts expect that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be issued a $2.443 dividend. The ex-dividend date is Monday, April 22nd. This represents a yield of 0.62%.

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.