Arrowstreet Capital Limited Partnership Invests $13.46 Million in Ferrari (NYSE:RACE)

Arrowstreet Capital Limited Partnership acquired a new position in Ferrari (NYSE:RACE - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 31,589 shares of the company's stock, valued at approximately $13,456,000.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Ferrari during the fourth quarter valued at $697,226,000. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Ferrari by 380.7% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company's stock valued at $107,770,000 after buying an additional 192,694 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of Ferrari by 1,226.4% during the 4th quarter. Corient Private Wealth LLC now owns 132,694 shares of the company's stock valued at $56,153,000 after acquiring an additional 122,690 shares during the period. Artisan Partners Limited Partnership purchased a new stake in Ferrari in the 4th quarter worth approximately $46,908,000. Finally, Raymond James Financial Inc. bought a new stake in Ferrari during the 4th quarter worth approximately $27,657,000.

Ferrari Price Performance

Shares of RACE stock traded up $34.79 during trading hours on Wednesday, hitting $432.65. The stock had a trading volume of 1,022,513 shares, compared to its average volume of 322,854. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The stock has a market capitalization of $104.86 billion, a price-to-earnings ratio of 47.28, a PEG ratio of 4.43 and a beta of 1.03. Ferrari has a one year low of $391.54 and a one year high of $509.13. The stock's 50-day moving average price is $453.58 and its two-hundred day moving average price is $449.10.

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Ferrari Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RACE shares. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. cut their price target on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating for the company. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $490.29.

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.