GCQ FUNDS MANAGEMENT PTY Ltd Grows Stock Holdings in Ferrari N.V. $RACE

GCQ FUNDS MANAGEMENT PTY Ltd lifted its position in Ferrari N.V. (NYSE:RACE) by 27.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,993 shares of the company’s stock after buying an additional 4,931 shares during the period. Ferrari makes up about 1.7% of GCQ FUNDS MANAGEMENT PTY Ltd’s portfolio, making the stock its 11th largest position. GCQ FUNDS MANAGEMENT PTY Ltd’s holdings in Ferrari were worth $11,157,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. AlphaCore Capital LLC boosted its stake in Ferrari by 495.0% in the third quarter. AlphaCore Capital LLC now owns 839 shares of the company’s stock valued at $407,000 after acquiring an additional 698 shares in the last quarter. Thornburg Investment Management Inc. lifted its holdings in shares of Ferrari by 9.7% during the 3rd quarter. Thornburg Investment Management Inc. now owns 88,935 shares of the company’s stock valued at $43,153,000 after purchasing an additional 7,852 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Ferrari during the 3rd quarter valued at $18,959,000. US Bancorp DE boosted its position in shares of Ferrari by 2.5% in the 3rd quarter. US Bancorp DE now owns 16,560 shares of the company’s stock worth $8,036,000 after purchasing an additional 409 shares in the last quarter. Finally, Waratah Capital Advisors Ltd. purchased a new position in Ferrari during the 3rd quarter worth $1,897,000.

Ferrari Price Performance

RACE stock opened at $373.26 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70. Ferrari N.V. has a 1 year low of $328.00 and a 1 year high of $519.10. The stock’s 50 day moving average price is $360.28 and its 200 day moving average price is $406.88. The firm has a market cap of $90.47 billion, a P/E ratio of 36.92, a PEG ratio of 3.64 and a beta of 0.99.

Ferrari Increases Dividend

The company 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 dividend of $3.615 per share. 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

Several brokerages recently issued reports on RACE. UBS Group reduced their target price on Ferrari from $563.00 to $555.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a report on Monday, February 2nd. Citigroup raised shares of Ferrari from a “sell” rating to a “neutral” rating in a research report on Thursday, February 12th. Sanford C. Bernstein reissued an “outperform” rating and set a $410.00 target price on shares of Ferrari in a research report on Wednesday, February 11th. Finally, BNP Paribas Exane upgraded shares of Ferrari to a “strong-buy” rating in a research note on Thursday, December 11th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $476.52.

About Ferrari

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.