Aviva PLC Raises Stake in Ferrari (NYSE:RACE)

Aviva PLC raised its position in Ferrari (NYSE:RACE) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 108,139 shares of the company’s stock after purchasing an additional 2,162 shares during the period. Aviva PLC’s holdings in Ferrari were worth $46,160,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Ferrari in the fourth quarter valued at $697,226,000. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Ferrari by 380.7% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock worth $107,770,000 after purchasing an additional 192,694 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Ferrari by 1,226.4% in the fourth quarter. Corient Private Wealth LLC now owns 132,694 shares of the company’s stock valued at $56,153,000 after purchasing an additional 122,690 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Ferrari in the 4th quarter valued at $46,908,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Ferrari during the fourth quarter worth about $27,657,000.

Ferrari Stock Performance

NYSE RACE opened at $414.50 on Friday. The business’s 50-day simple moving average is $455.45 and its 200-day simple moving average is $450.97. The firm has a market capitalization of $100.47 billion, a P/E ratio of 45.30, a P/E/G ratio of 4.43 and a beta of 0.94. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13. 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 Increases Dividend

The firm also recently disclosed 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 an increase from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s payout ratio is currently 5.63%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. UBS Group reduced their price target on Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Finally, Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $490.29.

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.