Corient Private Wealth LLC Buys 122,690 Shares of Ferrari (NYSE:RACE)

Corient Private Wealth LLC increased its stake in shares of Ferrari (NYSE:RACE) by 1,226.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 132,694 shares of the company’s stock after purchasing an additional 122,690 shares during the period. Corient Private Wealth LLC’s holdings in Ferrari were worth $56,153,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in shares of Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted 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 purchasing an additional 192,694 shares during the last quarter. Quadrature Capital Ltd grew its stake in shares of Ferrari by 83.7% in the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after buying an additional 105,390 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ferrari by 89.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after buying an additional 104,366 shares during the last quarter. Finally, Temasek Holdings Private Ltd purchased a new stake in shares of Ferrari during the 3rd quarter valued at about $43,801,000.

Analyst Ratings Changes

RACE has been the subject of several recent research reports. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

Shares of RACE stock opened at $449.42 on Monday. The stock has a 50 day moving average price of $454.38 and a 200 day moving average price of $455.34. The firm has a market capitalization of $108.93 billion, a P/E ratio of 49.12, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13.

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 paid 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 currently 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.