Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Ferrari N.V. $RACE

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Ferrari N.V. (NYSE:RACE) by 13.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,759 shares of the company’s stock after buying an additional 8,243 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ferrari were worth $26,111,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RACE. Bank of New York Mellon Corp grew its holdings in shares of Ferrari by 63.7% during 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 buying an additional 1,039,234 shares in the last quarter. Groupama Asset Managment boosted its position in shares of Ferrari by 5.7% during the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock valued at $8,244,189,000 after acquiring an additional 916,821 shares during the last quarter. Ninety One UK Ltd acquired a new position in shares of Ferrari during the 4th quarter valued at about $338,785,000. Viking Global Investors LP boosted its position in shares of Ferrari by 432.7% during the 2nd 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 last quarter. Finally, Credit Agricole S A acquired a new position in shares of Ferrari during the 3rd quarter valued at about $279,003,000.

Ferrari Trading Down 3.8%

NYSE RACE opened at $358.65 on Wednesday. The firm’s 50-day moving average is $351.29 and its two-hundred day moving average is $370.31. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $519.10. The company has a debt-to-equity ratio of 0.74, a current ratio of 5.70 and a quick ratio of 4.38. The stock has a market capitalization of $83.91 billion, a P/E ratio of 35.47, a PEG ratio of 3.53 and a beta of 1.00.

Ferrari Increases Dividend

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

Wall Street Analysts Forecast Growth

RACE has been the topic of several recent research reports. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. JPMorgan Chase & Co. boosted their price target 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. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. Sanford C. Bernstein reissued an “outperform” rating and set a $410.00 price target on shares of Ferrari in a research report on Wednesday, February 11th. Finally, Citigroup raised shares of Ferrari from a “sell” rating to a “neutral” rating in a research report on Thursday, February 12th. Three equities research 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. Based on data from MarketBeat, Ferrari has an average rating of “Moderate Buy” and a consensus price target 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.