Freemont Management S.A. Makes New Investment in Ferrari (NYSE:RACE)

Freemont Management S.A. purchased a new position in shares of Ferrari (NYSE:RACE) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 5,000 shares of the company’s stock, valued at approximately $1,692,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RACE. Jamison Private Wealth Management Inc. acquired a new position in shares of Ferrari during the 4th quarter worth $27,000. Householder Group Estate & Retirement Specialist LLC grew its stake in Ferrari by 320.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock valued at $35,000 after acquiring an additional 80 shares during the last quarter. Blue Trust Inc. grew its stake in Ferrari by 37.0% in the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Ferrari in the 4th quarter valued at about $43,000. Finally, Hexagon Capital Partners LLC grew its stake in Ferrari by 32.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 206 shares of the company’s stock valued at $70,000 after acquiring an additional 50 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RACE shares. Evercore ISI increased their price objective on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. UBS Group increased their price objective on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Citigroup cut shares of Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 price target on the stock. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $456.67.

Ferrari Stock Up 0.6 %

Shares of Ferrari stock traded up $2.63 during mid-day trading on Friday, hitting $416.16. 169,697 shares of the stock were exchanged, compared to its average volume of 262,264. Ferrari has a twelve month low of $283.20 and a twelve month high of $442.80. The company has a 50-day simple moving average of $420.16 and a 200 day simple moving average of $386.72. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25.

Ferrari Dividend Announcement

The business also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were issued a dividend of $2.443 per share. The ex-dividend date was Monday, April 22nd. This represents a dividend yield of 0.62%.

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.