Allianz SE Purchases Shares of 20,192 Ferrari (NYSE:RACE)

Allianz SE bought a new position in Ferrari (NYSE:RACE) during the fourth quarter, Holdings Channel.com reports. The fund bought 20,192 shares of the company’s stock, valued at approximately $8,611,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the 4th quarter valued at $26,000. Armstrong Advisory Group Inc. lifted its holdings in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Ferrari in the 4th quarter worth about $45,000. Hobbs Group Advisors LLC purchased a new position in Ferrari in the 3rd quarter worth about $47,000. Finally, Plato Investment Management Ltd purchased a new stake in Ferrari during the fourth quarter valued at about $53,000.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. lowered their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Stock Up 0.7 %

Shares of NYSE RACE opened at $429.93 on Friday. The firm’s 50-day moving average is $456.00 and its 200-day moving average is $452.46. 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 firm has a market capitalization of $104.21 billion, a PE ratio of 46.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a 1 year low of $399.27 and a 1 year high of $509.13.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. The ex-dividend date of this dividend 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 (DPR) is 5.63%.

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.