Vanguard Group Inc. Has $2.50 Billion Stock Holdings in Ferrari N.V. $RACE

Vanguard Group Inc. increased its holdings in shares of Ferrari N.V. (NYSE:RACE) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 5,154,944 shares of the company’s stock after acquiring an additional 81,017 shares during the period. Vanguard Group Inc.’s holdings in Ferrari were worth $2,498,710,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupama Asset Managment boosted its holdings in Ferrari by 24,598.5% during the second quarter. Groupama Asset Managment now owns 16,073,800 shares of the company’s stock valued at $7,888,057,000 after purchasing an additional 16,008,720 shares in the last quarter. Norges Bank bought a new position in shares of Ferrari during the 2nd quarter worth approximately $885,051,000. Bank of New York Mellon Corp boosted its stake in Ferrari by 63.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after buying an additional 1,039,234 shares in the last quarter. Viking Global Investors LP grew its position in Ferrari by 432.7% in the second quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock valued at $353,526,000 after acquiring an additional 585,872 shares during the period. Finally, American Century Companies Inc. acquired a new position in Ferrari during the second quarter worth $109,526,000.

Ferrari Price Performance

RACE opened at $365.86 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.90 and a quick ratio of 3.78. The stock has a market capitalization of $88.68 billion, a P/E ratio of 36.18, a price-to-earnings-growth ratio of 3.57 and a beta of 0.99. The company’s 50 day simple moving average is $360.25 and its 200-day simple moving average is $409.23. Ferrari N.V. has a one year low of $328.00 and a one year high of $519.10.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 21st will be given a dividend of $3.615 per share. The ex-dividend date is Tuesday, April 21st. This is an increase from Ferrari’s previous annual dividend of $3.13. This represents a dividend yield of 99.0%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RACE. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. HSBC restated a “hold” rating on shares of Ferrari in a research report on Tuesday, January 13th. Citigroup upgraded shares of Ferrari from a “sell” rating to a “neutral” rating in a research note on Thursday, February 12th. Jefferies Financial Group restated a “hold” rating on shares of Ferrari in a research report on Wednesday, February 11th. Finally, JPMorgan Chase & Co. cut their price objective on Ferrari from $460.00 to $457.00 and set an “overweight” rating for the company in a research report on Wednesday, November 12th. Three 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $476.52.

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.