LPL Financial LLC Boosts Stake in Ferrari (NYSE:RACE)

LPL Financial LLC boosted its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 18.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,792 shares of the company's stock after buying an additional 6,930 shares during the quarter. LPL Financial LLC's holdings in Ferrari were worth $18,605,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Thrivent Financial for Lutherans grew its position in Ferrari by 63.4% in the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company's stock valued at $1,274,000 after acquiring an additional 1,051 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Ferrari by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company's stock valued at $4,412,000 after purchasing an additional 1,864 shares during the period. Verition Fund Management LLC bought a new position in Ferrari during the third quarter worth $4,988,000. Biglari Sardar raised its position in shares of Ferrari by 37.6% in the 3rd quarter. Biglari Sardar now owns 18,300 shares of the company's stock worth $8,603,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Benjamin Edwards Inc. acquired a new position in Ferrari in the third quarter valued at approximately $298,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group reduced their price target on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating for the company in a research report on Tuesday. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating on the stock. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. lowered 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. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $498.86.

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Ferrari Trading Up 1.8 %

RACE traded up $7.79 during trading hours on Wednesday, reaching $438.40. 598,136 shares of the company's stock traded hands, compared to its average volume of 308,544. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. The firm has a market capitalization of $106.26 billion, a PE ratio of 47.91, a PEG ratio of 4.43 and a beta of 0.94. The firm has a 50-day moving average price of $455.66 and a 200 day moving average price of $451.63. 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 Increases Dividend

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