Bessemer Group Inc. Reduces Stake in Ferrari (NYSE:RACE)

Bessemer Group Inc. trimmed its stake in shares of Ferrari (NYSE:RACE - Free Report) by 13.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,581 shares of the company's stock after selling 1,344 shares during the quarter. Bessemer Group Inc.'s holdings in Ferrari were worth $3,645,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RACE. Hanson & Doremus Investment Management bought a new position in shares of Ferrari in the fourth quarter worth $26,000. Armstrong Advisory Group Inc. grew its position in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after buying an additional 50 shares in the last quarter. Kestra Investment Management LLC purchased a new position in Ferrari during the fourth quarter worth about $45,000. Plato Investment Management Ltd bought a new position in Ferrari in the 4th quarter worth about $53,000. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Ferrari by 705.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock valued at $58,000 after acquiring an additional 120 shares in the last quarter.

Analyst Ratings Changes

Several research analysts have recently commented on RACE shares. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a "hold" rating on the stock. UBS Group cut their target price on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Finally, Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $486.67.

Ferrari Trading Up 1.6 %

Ferrari stock traded up $7.01 during trading hours on Friday, reaching $439.76. The company had a trading volume of 239,651 shares, compared to its average volume of 327,493. The firm has a market cap of $106.59 billion, a price-to-earnings ratio of 48.06, a P/E/G ratio of 4.43 and a beta of 1.03. Ferrari has a 12-month low of $391.54 and a 12-month high of $509.13. 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 company has a 50-day moving average price of $450.94 and a 200 day moving average price of $447.51.

Ferrari Increases Dividend

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

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.