Federated Hermes Inc. Buys 23,138 Shares of Ferrari (NYSE:RACE)

Federated Hermes Inc. raised its stake in shares of Ferrari (NYSE:RACE) by 55,090.5% during the 4th quarter, Holdings Channel reports. The fund owned 23,180 shares of the company’s stock after purchasing an additional 23,138 shares during the period. Federated Hermes Inc.’s holdings in Ferrari were worth $7,813,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Rakuten Securities Inc. bought a new stake in Ferrari during the 4th quarter valued at $78,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ferrari by 12.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,636 shares of the company’s stock valued at $24,488,000 after acquiring an additional 8,212 shares in the last quarter. Mackenzie Financial Corp boosted its position in Ferrari by 172.8% during the 4th quarter. Mackenzie Financial Corp now owns 329,927 shares of the company’s stock valued at $111,508,000 after acquiring an additional 208,966 shares in the last quarter. Dakota Wealth Management boosted its position in Ferrari by 13.1% during the 4th quarter. Dakota Wealth Management now owns 29,049 shares of the company’s stock valued at $9,831,000 after acquiring an additional 3,369 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Ferrari by 11.6% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 166,375 shares of the company’s stock valued at $56,180,000 after purchasing an additional 17,259 shares during the last quarter.

Ferrari Trading Down 1.0 %

NYSE RACE opened at $420.33 on Thursday. The stock has a 50-day simple moving average of $419.13 and a two-hundred day simple moving average of $369.92. Ferrari has a fifty-two week low of $273.39 and a fifty-two week high of $442.80. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. As a group, equities research analysts forecast that Ferrari will post 8.31 earnings per share for the current year.

Ferrari Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be given a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date is Monday, April 22nd.

Analyst Ratings Changes

Several brokerages have recently commented on RACE. Sanford C. Bernstein increased their price objective on Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. Citigroup lowered Ferrari from a “neutral” rating to a “sell” rating in a research note on Monday, March 4th. Morgan Stanley restated an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a research note on Monday. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $413.86.

Ferrari 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.