Legal & General Group Plc Has $414.51 Million Position in Ferrari (NYSE:RACE)

Legal & General Group Plc reduced its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 21.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 970,830 shares of the company's stock after selling 262,509 shares during the quarter. Legal & General Group Plc owned approximately 0.40% of Ferrari worth $414,505,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RACE. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the fourth quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Ferrari during the 3rd quarter worth approximately $47,000. Armstrong Advisory Group Inc. boosted its stake in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock valued at $42,000 after purchasing an additional 50 shares during the period. Kestra Investment Management LLC acquired a new position in Ferrari in the 4th quarter valued at $45,000. Finally, Plato Investment Management Ltd bought a new position in Ferrari during the 4th quarter worth $53,000.

Ferrari Price Performance

Shares of RACE traded up $4.76 during midday trading on Friday, hitting $428.57. The company's stock had a trading volume of 613,097 shares, compared to its average volume of 326,422. 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 stock has a market capitalization of $103.88 billion, a price-to-earnings ratio of 46.84, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The company's fifty day simple moving average is $452.86 and its two-hundred day simple moving average is $448.21.

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 paid a $3.1265 dividend. This is an increase from Ferrari's previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari's dividend payout ratio (DPR) is presently 5.63%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. UBS Group cut their price target on Ferrari from $584.00 to $520.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research note on Thursday, February 6th. They set a "hold" rating on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus price target of $486.67.

About Ferrari

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.