Canada Pension Plan Investment Board Purchases 26,856 Shares of Ferrari (NYSE:RACE)

Canada Pension Plan Investment Board boosted its holdings in shares of Ferrari (NYSE:RACE) by 184.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,380 shares of the company’s stock after acquiring an additional 26,856 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Ferrari were worth $17,639,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the 4th quarter worth about $26,000. Armstrong Advisory Group Inc. lifted its holdings in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after purchasing an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new stake in Ferrari during the fourth quarter worth approximately $45,000. Plato Investment Management Ltd acquired a new position in Ferrari during the fourth quarter valued at approximately $53,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Ferrari by 705.9% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock valued at $58,000 after purchasing an additional 120 shares during the period.

Ferrari Stock Up 1.6 %

Shares of RACE opened at $439.76 on Monday. Ferrari has a 52 week low of $391.54 and a 52 week high of $509.13. The firm has a market capitalization of $106.59 billion, a P/E ratio of 48.06, a P/E/G ratio of 4.43 and a beta of 1.03. The company has a 50-day simple moving average of $450.23 and a 200-day simple moving average of $447.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari Increases Dividend

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

Analyst Ratings Changes

RACE has been the subject of several recent analyst reports. UBS Group decreased their price objective on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. JPMorgan Chase & Co. lowered 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. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $481.60.

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.