China Universal Asset Management Co. Ltd. Grows Holdings in Ferrari N.V. $RACE

China Universal Asset Management Co. Ltd. increased its position in Ferrari N.V. (NYSE:RACE) by 716.8% in the 4th quarter, HoldingsChannel reports. The fund owned 8,487 shares of the company’s stock after buying an additional 7,448 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Ferrari were worth $3,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Generali Asset Management SPA SGR boosted its position in shares of Ferrari by 28.9% in the third quarter. Generali Asset Management SPA SGR now owns 55,690 shares of the company’s stock worth $27,022,000 after purchasing an additional 12,485 shares during the period. Rheos Capital Works Inc. boosted its position in shares of Ferrari by 33.1% in the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company’s stock worth $104,419,000 after purchasing an additional 53,500 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Alta Capital Management LLC bought a new position in shares of Ferrari in the third quarter worth approximately $6,391,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Ferrari in the third quarter worth approximately $8,995,000.

Ferrari Price Performance

Shares of NYSE:RACE opened at $354.46 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70. The firm has a fifty day moving average price of $350.08 and a 200 day moving average price of $370.12. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The firm has a market cap of $82.93 billion, a price-to-earnings ratio of 35.06, a P/E/G ratio of 3.39 and a beta of 1.00.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be given a dividend of $3.615 per share. This is a positive change from Ferrari’s previous annual dividend of $3.13. This represents a dividend yield of 119.0%. The ex-dividend date is Tuesday, April 21st.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RACE shares. JPMorgan Chase & Co. upped their price target on shares of Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a research report on Monday, February 2nd. Citigroup upgraded shares of Ferrari from a “sell” rating to a “neutral” rating in a research report on Thursday, February 12th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $410.00 price target on shares of Ferrari in a research report on Wednesday, February 11th. Finally, UBS Group dropped their price target on shares of Ferrari from $555.00 to $483.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $469.06.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.