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

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Ferrari N.V. (NYSE:RACE) by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,759 shares of the company’s stock after buying an additional 8,243 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ferrari were worth $26,111,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Groupama Asset Managment increased its stake in Ferrari by 5.7% in the third quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock valued at $8,244,189,000 after purchasing an additional 916,821 shares during the last quarter. Vanguard Group Inc. increased its stake in Ferrari by 1.6% in the third quarter. Vanguard Group Inc. now owns 5,154,944 shares of the company’s stock valued at $2,498,710,000 after purchasing an additional 81,017 shares during the last quarter. Amundi increased its stake in Ferrari by 8.0% in the third quarter. Amundi now owns 2,972,368 shares of the company’s stock valued at $1,461,008,000 after purchasing an additional 219,909 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after purchasing an additional 1,039,234 shares during the last quarter. Finally, Bank of Italy increased its stake in Ferrari by 2.3% in the third quarter. Bank of Italy now owns 2,462,771 shares of the company’s stock valued at $1,190,158,000 after purchasing an additional 55,500 shares during the last quarter.

Ferrari Price Performance

Shares of NYSE RACE opened at $358.65 on Wednesday. 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 fifty day moving average price of $351.29 and a 200 day moving average price of $370.31. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10. The company has a market cap of $83.91 billion, a PE ratio of 35.47, a P/E/G ratio of 3.53 and a beta of 1.00.

Ferrari Increases Dividend

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

Analyst Ratings Changes

RACE has been the topic of several recent analyst reports. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Friday, April 10th. Citigroup upgraded shares of Ferrari from a “sell” rating to a “neutral” rating in a research note on Thursday, February 12th. UBS Group dropped their price target on shares of Ferrari from $555.00 to $483.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. Finally, Morgan Stanley set a $420.00 price target on shares of Ferrari in a research note on Monday, February 16th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.