Bank of New York Mellon Corp Acquires 38,356 Shares of Ferrari (NYSE:RACE)

Bank of New York Mellon Corp raised its stake in shares of Ferrari (NYSE:RACE - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,612,108 shares of the company's stock after purchasing an additional 38,356 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of Ferrari worth $684,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RACE. Jennison Associates LLC boosted its holdings in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company's stock valued at $1,368,622,000 after buying an additional 2,636,869 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Ferrari by 83.7% during the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company's stock valued at $108,417,000 after buying an additional 105,390 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company's stock valued at $103,621,000 after buying an additional 104,366 shares in the last quarter. Temasek Holdings Private Ltd bought a new stake in shares of Ferrari during the 3rd quarter valued at $43,801,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Ferrari by 101.2% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 155,900 shares of the company's stock valued at $73,290,000 after buying an additional 78,400 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RACE. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating on the stock. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Barclays cut shares of Ferrari from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, February 5th. Finally, UBS Group upped their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $507.14.

Ferrari Stock Performance

Ferrari stock traded up $3.97 during midday trading on Friday, hitting $464.47. The stock had a trading volume of 572,775 shares, compared to its average volume of 372,951. The firm's fifty day moving average is $449.85 and its two-hundred day moving average is $456.83. The company has a market capitalization of $113.21 billion, a PE ratio of 50.76, a P/E/G ratio of 4.43 and a beta of 0.95. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This represents a yield of 0.5%. This is a positive change from Ferrari's previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari's dividend 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.