Federated Hermes Inc. Buys 23,138 Shares of Ferrari (NYSE:RACE)

Federated Hermes Inc. raised its position in shares of Ferrari (NYSE:RACE) by 55,090.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,180 shares of the company’s stock after acquiring an additional 23,138 shares during the quarter. Federated Hermes Inc.’s holdings in Ferrari were worth $7,813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RACE. Rakuten Securities Inc. bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $78,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Ferrari by 12.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,636 shares of the company’s stock worth $24,488,000 after buying an additional 8,212 shares during the period. Mackenzie Financial Corp increased its stake in shares of Ferrari by 172.8% in the 4th quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock worth $111,508,000 after acquiring an additional 208,966 shares in the last quarter. Dakota Wealth Management lifted its position in Ferrari by 13.1% during the 4th quarter. Dakota Wealth Management now owns 29,049 shares of the company’s stock valued at $9,831,000 after acquiring an additional 3,369 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Ferrari by 11.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 166,375 shares of the company’s stock worth $56,180,000 after acquiring an additional 17,259 shares in the last quarter.

Ferrari Trading Down 1.0 %

RACE stock opened at $420.33 on Thursday. Ferrari has a 1-year low of $273.39 and a 1-year high of $442.80. The business has a fifty day moving average price of $419.13 and a 200-day moving average price of $369.92. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91.

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

Ferrari Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have weighed in on RACE. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday. UBS Group raised their price objective on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Bank of America boosted their target price on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $413.86.

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.