Ferrari N.V. $RACE is Groupe des Assurances du Credit Mutuel’s 2nd Largest Position

Groupe des Assurances du Credit Mutuel boosted its holdings in Ferrari N.V. (NYSE:RACE) by 23.0% during the third quarter, Holdings Channel.com reports. The fund owned 171,000 shares of the company’s stock after buying an additional 32,000 shares during the quarter. Ferrari accounts for 26.9% of Groupe des Assurances du Credit Mutuel’s investment portfolio, making the stock its 2nd largest holding. Groupe des Assurances du Credit Mutuel’s holdings in Ferrari were worth $82,973,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mather Group LLC. bought a new stake in shares of Ferrari during the 3rd quarter valued at about $27,000. Westside Investment Management Inc. grew its holdings in shares of Ferrari by 100.0% during the third quarter. Westside Investment Management Inc. now owns 56 shares of the company’s stock worth $27,000 after purchasing an additional 28 shares in the last quarter. Root Financial Partners LLC bought a new position in shares of Ferrari in the third quarter worth approximately $28,000. Newbridge Financial Services Group Inc. bought a new position in shares of Ferrari in the second quarter worth approximately $30,000. Finally, Virtus Advisers LLC purchased a new stake in Ferrari in the second quarter valued at approximately $34,000.

Ferrari Stock Down 1.7%

Shares of RACE opened at $340.78 on Thursday. The firm has a market cap of $79.73 billion, a P/E ratio of 33.70, a P/E/G ratio of 3.38 and a beta of 0.97. The stock has a 50 day simple moving average of $357.02 and a two-hundred day simple moving average of $399.75. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. Ferrari N.V. has a 1 year low of $328.00 and a 1 year high of $519.10.

Ferrari Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 21st will be issued a $3.615 dividend. This represents a dividend yield of 99.0%. The ex-dividend date is Tuesday, April 21st. This is a positive change from Ferrari’s previous annual dividend of $3.13.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Zacks Research raised shares of Ferrari from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. raised their price objective on shares of Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $410.00 price objective on shares of Ferrari in a report on Wednesday, February 11th. Loop Capital set a $481.67 target price on shares of Ferrari in a research report on Thursday, December 4th. Finally, HSBC reissued a “hold” rating on shares of Ferrari in a research note on Tuesday, January 13th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Ferrari has an average rating of “Moderate Buy” and an average target price of $475.61.

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.