Franklin Resources Inc. Acquires 3,038 Shares of Ferrari (NYSE:RACE)

Franklin Resources Inc. lifted its position in shares of Ferrari (NYSE:RACE - Free Report) by 13.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,093 shares of the company's stock after purchasing an additional 3,038 shares during the quarter. Franklin Resources Inc.'s holdings in Ferrari were worth $10,689,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Axiom Investors LLC DE boosted its stake in Ferrari by 48.4% during the 4th quarter. Axiom Investors LLC DE now owns 29,959 shares of the company's stock valued at $12,728,000 after purchasing an additional 9,772 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Ferrari by 12.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,805 shares of the company's stock valued at $3,741,000 after buying an additional 948 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in Ferrari by 3.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 163,787 shares of the company's stock valued at $70,965,000 after acquiring an additional 5,761 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Ferrari during the 4th quarter worth $13,456,000. Finally, Allianz SE purchased a new position in Ferrari during the 4th quarter worth $8,611,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RACE. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. UBS Group cut their price objective on Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They set a "hold" rating on the stock. Finally, Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $486.67.

Ferrari Stock Performance

RACE traded up $1.72 on Monday, hitting $430.30. The company's stock had a trading volume of 65,912 shares, compared to its average volume of 325,440. The company's 50 day simple moving average is $452.86 and its 200-day simple moving average is $448.21. 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 12 month low of $391.54 and a 12 month high of $509.13. The firm has a market cap of $104.29 billion, a P/E ratio of 47.03, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03.

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