Federated Hermes Inc. Sells 2,989 Shares of Ferrari (NYSE:RACE)

Federated Hermes Inc. lowered its position in Ferrari (NYSE:RACE - Free Report) by 21.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,880 shares of the company's stock after selling 2,989 shares during the quarter. Federated Hermes Inc.'s holdings in Ferrari were worth $4,668,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in Ferrari during the 4th quarter valued at $853,000. Charles Schwab Investment Management Inc. lifted its holdings in Ferrari by 8.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company's stock worth $4,307,000 after purchasing an additional 755 shares during the period. Russell Investments Group Ltd. grew its position in Ferrari by 2.6% in the 4th quarter. Russell Investments Group Ltd. now owns 128,482 shares of the company's stock valued at $54,847,000 after buying an additional 3,277 shares in the last quarter. Sapient Capital LLC raised its position in shares of Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company's stock worth $28,737,000 after buying an additional 653 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. acquired a new stake in Ferrari in the fourth quarter worth approximately $3,371,000.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. reduced their target price on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. UBS Group dropped their price target on Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They set a "hold" rating for the company. Finally, Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $486.67.

Ferrari Stock Up 1.4 %

Ferrari stock traded up $5.95 during trading hours on Thursday, hitting $438.70. The company had a trading volume of 107,704 shares, compared to its average volume of 326,756. The firm's fifty day moving average is $451.36 and its 200-day moving average is $447.72. The firm has a market capitalization of $106.33 billion, a P/E ratio of 47.85, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. Ferrari has a fifty-two week low of $391.54 and a fifty-two week 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.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This is a boost 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 dividend payout ratio (DPR) 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.