1,633,544 Shares in Ferrari (NYSE:RACE) Bought by Norges Bank

Norges Bank acquired a new stake in Ferrari (NYSE:RACE) during the 4th quarter, Holdings Channel reports. The fund acquired 1,633,544 shares of the company’s stock, valued at approximately $697,226,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RACE. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the 4th quarter valued at approximately $26,000. Armstrong Advisory Group Inc. grew its stake in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares during the last quarter. Kestra Investment Management LLC acquired a new position in shares of Ferrari during the fourth quarter worth $45,000. Hobbs Group Advisors LLC acquired a new position in shares of Ferrari during the third quarter worth $47,000. Finally, Plato Investment Management Ltd bought a new position in shares of Ferrari in the 4th quarter valued at $53,000.

Ferrari Stock Up 3.1 %

Shares of NYSE RACE opened at $426.66 on Friday. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. 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 company’s 50 day moving average price is $456.12 and its 200-day moving average price is $452.75. The company has a market capitalization of $103.41 billion, a P/E ratio of 46.63, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $497.86.

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.