Absoluto Partners Gestao de Recursos Ltda Purchases New Holdings in Ferrari (NYSE:RACE)

Absoluto Partners Gestao de Recursos Ltda acquired a new position in Ferrari (NYSE:RACE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,014 shares of the company’s stock, valued at approximately $1,705,000. Ferrari accounts for 1.5% of Absoluto Partners Gestao de Recursos Ltda’s investment portfolio, making the stock its 18th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. Barclays PLC boosted its position in shares of Ferrari by 6.1% in the third quarter. Barclays PLC now owns 286,564 shares of the company’s stock worth $134,719,000 after buying an additional 16,428 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Ferrari in the 3rd quarter worth about $417,000. Franklin Resources Inc. boosted its position in Ferrari by 60.0% during the 3rd quarter. Franklin Resources Inc. now owns 22,055 shares of the company’s stock worth $10,707,000 after acquiring an additional 8,267 shares during the period. Diversified Trust Co purchased a new position in Ferrari during the 4th quarter valued at about $264,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Ferrari by 8.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,539 shares of the company’s stock valued at $1,194,000 after purchasing an additional 194 shares during the period.

Wall Street Analyst Weigh In

RACE has been the subject of several research reports. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Tuesday. UBS Group lowered their price target on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. dropped their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $481.60.

Ferrari Price Performance

Shares of NYSE:RACE opened at $462.92 on Friday. The stock has a market capitalization of $112.20 billion, a P/E ratio of 50.59, a P/E/G ratio of 4.43 and a beta of 1.13. The business has a 50-day moving average of $441.15 and a two-hundred day moving average of $447.06. Ferrari has a fifty-two week low of $391.54 and a fifty-two week high of $509.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

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