Ferrari (NYSE:RACE) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its holdings in Ferrari (NYSE:RACE) by 3.9% during the fourth quarter, HoldingsChannel reports. The fund owned 146,289 shares of the company’s stock after buying an additional 5,494 shares during the period. Wells Fargo & Company MN’s holdings in Ferrari were worth $62,149,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RACE. Charles Schwab Investment Management Inc. lifted its stake in shares of Ferrari by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after purchasing an additional 755 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Ferrari during the fourth quarter worth about $853,000. Sapient Capital LLC increased its position in shares of Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock valued at $28,737,000 after acquiring an additional 653 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Ferrari during the fourth quarter worth $3,371,000. Finally, Allworth Financial LP lifted its position in shares of Ferrari by 35.1% during the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares in the last quarter.

Analyst Upgrades and Downgrades

RACE has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. UBS Group cut their target price on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. cut their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $490.29.

Ferrari Stock Performance

NYSE:RACE opened at $398.50 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market cap of $96.59 billion, a price-to-earnings ratio of 43.55, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The firm’s fifty day moving average price is $453.51 and its 200 day moving average price is $449.53. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This is an increase 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 payout ratio is presently 5.63%.

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.