Franklin Resources Inc. Raises Position in Ferrari (NYSE:RACE)

Franklin Resources Inc. grew its position in shares of Ferrari (NYSE:RACE) by 13.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 25,093 shares of the company’s stock after acquiring an additional 3,038 shares during the period. Franklin Resources Inc.’s holdings in Ferrari were worth $10,689,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Ferrari by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Bank of Italy grew its position in shares of Ferrari by 2.8% in the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after buying an additional 63,675 shares during the period. Norges Bank bought a new position in shares of Ferrari in the 4th quarter worth about $697,226,000. Bank of New York Mellon Corp lifted its position in Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after acquiring an additional 38,356 shares during the period. Finally, William Blair Investment Management LLC lifted its position in Ferrari by 6.4% during the 4th quarter. William Blair Investment Management LLC now owns 594,657 shares of the company’s stock valued at $252,634,000 after acquiring an additional 35,525 shares during the period.

Wall Street Analyst Weigh In

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

Ferrari Stock Performance

Shares of NYSE RACE opened at $398.50 on Wednesday. The firm’s 50-day moving average price is $453.51 and its 200-day moving average price is $449.53. Ferrari has a 52-week low of $391.54 and a 52-week high of $509.13. The company has a market cap of $96.59 billion, a PE ratio of 43.55, a PEG ratio of 4.43 and a beta of 1.03. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a $3.1265 dividend. This represents a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is 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.