CIBC Private Wealth Group LLC Increases Stake in Ferrari (NYSE:RACE)

CIBC Private Wealth Group LLC lifted its position in Ferrari (NYSE:RACE) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,787 shares of the company’s stock after acquiring an additional 5,761 shares during the quarter. CIBC Private Wealth Group LLC owned 0.07% of Ferrari worth $70,965,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari in the 4th quarter valued at about $26,000. Armstrong Advisory Group Inc. increased its holdings in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after buying an additional 50 shares during the period. Kestra Investment Management LLC bought a new position in Ferrari in the fourth quarter worth approximately $45,000. Hobbs Group Advisors LLC purchased a new stake in Ferrari during the third quarter worth $47,000. Finally, Plato Investment Management Ltd bought a new stake in Ferrari during the 4th quarter valued at $53,000.

Ferrari Price Performance

Shares of RACE opened at $429.93 on Monday. The firm has a market capitalization of $104.21 billion, a PE ratio of 46.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The company’s fifty day moving average price is $456.00 and its 200-day moving average price is $452.20. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio is currently 5.63%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RACE. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. reduced their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday. Two equities research 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 stock has an average rating of “Moderate Buy” and a consensus target price of $497.86.

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.