Ferrari N.V. $RACE Stake Reduced by Banco Santander S.A.

Banco Santander S.A. lowered its position in shares of Ferrari N.V. (NYSE:RACE) by 0.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 578,124 shares of the company’s stock after selling 3,255 shares during the period. Ferrari makes up about 2.5% of Banco Santander S.A.’s portfolio, making the stock its 6th biggest position. Banco Santander S.A.’s holdings in Ferrari were worth $280,517,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Generali Asset Management SPA SGR raised its stake in shares of Ferrari by 28.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 55,690 shares of the company’s stock worth $27,022,000 after acquiring an additional 12,485 shares in the last quarter. Rheos Capital Works Inc. grew its holdings in Ferrari by 33.1% in the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company’s stock worth $104,419,000 after purchasing an additional 53,500 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after purchasing an additional 1,039,234 shares in the last quarter. Alta Capital Management LLC acquired a new position in shares of Ferrari during the third quarter worth $6,391,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Ferrari during the 3rd quarter valued at $8,995,000.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Citigroup upgraded Ferrari from a “sell” rating to a “neutral” rating in a research note on Thursday, February 12th. Sanford C. Bernstein restated an “outperform” rating and set a $410.00 price target on shares of Ferrari in a research note on Wednesday, February 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Ferrari in a report on Monday, December 29th. The Goldman Sachs Group raised shares of Ferrari to a “strong-buy” rating in a research report on Monday, November 24th. Finally, HSBC reaffirmed a “hold” rating on shares of Ferrari in a report on Tuesday, January 13th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $476.52.

Ferrari Stock Performance

NYSE RACE opened at $376.20 on Friday. The stock has a 50-day simple moving average of $360.36 and a two-hundred day simple moving average of $406.66. The firm has a market capitalization of $91.18 billion, a P/E ratio of 37.21, a PEG ratio of 3.64 and a beta of 0.99. Ferrari N.V. has a fifty-two week low of $328.00 and a fifty-two week high of $519.10. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be given a dividend of $3.615 per share. This is an increase from Ferrari’s previous annual dividend of $3.13. This represents a yield of 99.0%. The ex-dividend date is Tuesday, April 21st.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.