Jennison Associates LLC Boosts Stake in Ferrari (NYSE:RACE)

Jennison Associates LLC raised its position in Ferrari (NYSE:RACE) by 10.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 266,608 shares of the company’s stock after purchasing an additional 25,228 shares during the quarter. Jennison Associates LLC’s holdings in Ferrari were worth $116,225,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. Lido Advisors LLC raised its position in Ferrari by 29.3% in the 3rd quarter. Lido Advisors LLC now owns 945 shares of the company’s stock worth $279,000 after purchasing an additional 214 shares during the period. Royal London Asset Management Ltd. raised its position in Ferrari by 9.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 39,763 shares of the company’s stock worth $11,752,000 after purchasing an additional 3,345 shares during the period. Royal Bank of Canada grew its stake in Ferrari by 8.2% in the 3rd quarter. Royal Bank of Canada now owns 270,647 shares of the company’s stock worth $79,985,000 after acquiring an additional 20,419 shares in the last quarter. Penserra Capital Management LLC grew its stake in Ferrari by 14,780.0% in the 3rd quarter. Penserra Capital Management LLC now owns 1,488 shares of the company’s stock worth $439,000 after acquiring an additional 1,478 shares in the last quarter. Finally, Monograph Wealth Advisors LLC purchased a new position in shares of Ferrari during the third quarter worth approximately $443,000.

Ferrari Stock Up 1.2 %

Shares of NYSE RACE traded up $4.99 during mid-day trading on Monday, reaching $427.38. 194,341 shares of the company were exchanged, compared to its average volume of 279,663. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The stock has a market cap of $78.96 billion, a price-to-earnings ratio of 54.58, a P/E/G ratio of 5.12 and a beta of 0.99. Ferrari has a 1 year low of $285.02 and a 1 year high of $442.80. The firm has a 50-day moving average of $415.39 and a 200 day moving average of $399.34.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. On average, research analysts expect that Ferrari will post 8.2 earnings per share for the current year.

Ferrari Dividend Announcement

The business also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date was Monday, April 22nd. Ferrari’s dividend payout ratio (DPR) is currently 6.58%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RACE. Jefferies Financial Group started coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price objective on the stock. Evercore ISI upped their target price on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Finally, UBS Group upped their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of “Hold” and an average target price of $461.67.

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.