MetLife Investment Management LLC Acquires 3,474 Shares of Ferrari (NYSE:RACE)

by · The Markets Daily

MetLife Investment Management LLC grew its holdings in shares of Ferrari (NYSE:RACE – Free Report) by 30.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 14,780 shares of the company’s stock after purchasing an additional 3,474 shares during the period. MetLife Investment Management LLC’s holdings in Ferrari were worth $6,332,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Hanson & Doremus Investment Management acquired a new position in shares of Ferrari during the 4th quarter worth approximately $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 worth $42,000 after buying an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new stake in Ferrari during the fourth quarter worth $45,000. Plato Investment Management Ltd acquired a new stake in Ferrari in the fourth quarter valued at $53,000. Finally, Newbridge Financial Services Group Inc. grew its position in shares of Ferrari by 705.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company’s stock valued at $58,000 after acquiring an additional 120 shares during the period.

Analyst Ratings Changes

A number of research firms recently weighed in on RACE. UBS Group decreased their target price on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. cut their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company 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 note on Wednesday, March 12th. Finally, Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $481.60.

Read Our Latest Analysis on RACE

Ferrari Stock Performance

Shares of RACE opened at $447.27 on Wednesday. The company has a market cap of $108.41 billion, a PE ratio of 48.88, a P/E/G ratio of 4.43 and a beta of 1.03. Ferrari has a one year low of $391.54 and a one year high of $509.13. The stock has a 50-day moving average of $448.42 and a 200-day moving average of $447.22. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The company also recently announced 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 a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio is presently 5.63%.

Ferrari Profile

(Free Report)

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.

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