Bank of New York Mellon Corp Has $684.89 Million Stake in Ferrari (NYSE:RACE)

Bank of New York Mellon Corp increased its position in Ferrari (NYSE:RACE) by 2.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,612,108 shares of the company’s stock after buying an additional 38,356 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ferrari were worth $684,888,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of RACE. Sapient Capital LLC increased its holdings in Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Ferrari by 14.0% during the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after buying an additional 3,308 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Ferrari by 156.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock worth $2,731,000 after buying an additional 3,900 shares in the last quarter. Miracle Mile Advisors LLC grew its holdings in Ferrari by 123.9% during the fourth quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company’s stock worth $3,826,000 after buying an additional 4,983 shares in the last quarter. Finally, Mediolanum International Funds Ltd raised its position in Ferrari by 24.7% in the 4th quarter. Mediolanum International Funds Ltd now owns 9,071 shares of the company’s stock valued at $3,874,000 after buying an additional 1,796 shares during the last quarter.

Ferrari Price Performance

RACE opened at $504.95 on Wednesday. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The firm has a 50-day moving average of $447.27 and a 200 day moving average of $456.36. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a market cap of $123.08 billion, a P/E ratio of 55.19, a PEG ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

The business also recently announced 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 an increase from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is currently 5.63%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RACE shares. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, UBS Group lifted their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari 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.