Mitsubishi UFJ Trust & Banking Corp Acquires 7,563 Shares of Ferrari (NYSE:RACE)

Mitsubishi UFJ Trust & Banking Corp grew its position in Ferrari (NYSE:RACE - Free Report) by 62.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,692 shares of the company's stock after acquiring an additional 7,563 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Ferrari were worth $8,451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RACE. Hanson & Doremus Investment Management bought a new position in shares of Ferrari in the fourth quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Ferrari in the 3rd quarter worth approximately $47,000. Armstrong Advisory Group Inc. raised its position in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after purchasing an additional 50 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Ferrari during the 4th quarter worth $45,000. Finally, Plato Investment Management Ltd bought a new position in Ferrari in the 4th quarter valued at $53,000.

Ferrari Trading Up 1.5 %

Ferrari stock traded up $6.42 during midday trading on Wednesday, hitting $437.03. 186,171 shares of the stock were exchanged, compared to its average volume of 307,021. Ferrari has a 52 week low of $399.27 and a 52 week high of $509.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $105.93 billion, a PE ratio of 47.79, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a fifty day simple moving average of $455.66 and a two-hundred day simple moving average of $451.63.

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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 $3.1265 dividend. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 0.5%. This is a boost from Ferrari's previous annual dividend of $2.44. Ferrari's dividend payout ratio is currently 5.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RACE shares. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating for the company. Barclays upgraded 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 research report on Friday, March 28th. StockNews.com raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, UBS Group reduced their price objective on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $498.86.

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.