Westbourne Investments Inc. Makes New Investment in Ferrari (NYSE:RACE)

Westbourne Investments Inc. acquired a new stake in Ferrari (NYSE:RACE) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 575 shares of the company’s stock, valued at approximately $244,000.

Several other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Ferrari during the fourth quarter valued at approximately $697,226,000. Price T Rowe Associates Inc. MD increased its position in shares of Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after purchasing an additional 594,547 shares during the last quarter. Barclays PLC raised its stake in shares of Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after purchasing an additional 567,407 shares during the period. Marshall Wace LLP raised its stake in shares of Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after purchasing an additional 520,337 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in Ferrari by 380.7% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after buying an additional 192,694 shares during the period.

Ferrari Price Performance

Shares of NYSE:RACE opened at $460.57 on Friday. The company has a 50 day moving average of $441.99 and a 200 day moving average of $447.11. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market cap of $111.63 billion, a P/E ratio of 50.34, a P/E/G ratio of 4.43 and a beta of 1.03. Ferrari has a 12 month low of $391.54 and a 12 month high of $509.13.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s payout ratio is 5.63%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. UBS Group dropped their price target on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and an average target price of $481.60.

About Ferrari

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.