Neuberger Berman Group LLC Has $35.79 Million Stake in Ferrari (NYSE:RACE)

Neuberger Berman Group LLC trimmed its stake in Ferrari (NYSE:RACE - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,834 shares of the company's stock after selling 9,017 shares during the period. Neuberger Berman Group LLC's holdings in Ferrari were worth $35,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in RACE. Hanson & Doremus Investment Management acquired a new position in Ferrari during the 4th quarter valued at about $26,000. Armstrong Advisory Group Inc. raised its stake in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after buying an additional 50 shares during the period. Kestra Investment Management LLC purchased a new stake in Ferrari during the 4th quarter worth approximately $45,000. Hobbs Group Advisors LLC acquired a new position in Ferrari during the third quarter worth about $47,000. Finally, Plato Investment Management Ltd purchased a new position in Ferrari during the fourth quarter worth approximately $53,000.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They issued a "hold" rating on the stock. JPMorgan Chase & Co. lowered their target price on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Barclays raised shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Finally, UBS Group lowered their target price on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Ferrari currently has an average rating of "Moderate Buy" and a consensus price target of $486.67.

Remove Ads

Ferrari Stock Performance

NYSE RACE traded up $1.37 on Wednesday, hitting $435.35. The stock had a trading volume of 128,733 shares, compared to its average volume of 326,308. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a one year low of $391.54 and a one year high of $509.13. The company's 50-day moving average is $451.62 and its two-hundred day moving average is $447.82. The stock has a market cap of $105.52 billion, a price-to-earnings ratio of 47.58, a P/E/G ratio of 4.43 and a beta of 1.03.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a positive change from Ferrari's previous annual dividend of $2.44. This represents a dividend yield of 0.5%. Ferrari's dividend payout ratio (DPR) is currently 5.63%.

Ferrari Company 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.