Gardner Lewis Asset Management L P Buys 425 Shares of Ferrari (NYSE:RACE)

Gardner Lewis Asset Management L P raised its position in shares of Ferrari (NYSE:RACE) by 12.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,895 shares of the company’s stock after acquiring an additional 425 shares during the quarter. Gardner Lewis Asset Management L P’s holdings in Ferrari were worth $1,655,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Thrivent Financial for Lutherans grew its stake in Ferrari by 63.4% in the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock worth $1,274,000 after purchasing an additional 1,051 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Ferrari by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock worth $4,412,000 after purchasing an additional 1,864 shares during the period. Townsquare Capital LLC increased its stake in shares of Ferrari by 24.8% during the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock valued at $2,555,000 after purchasing an additional 1,079 shares in the last quarter. Cynosure Group LLC purchased a new position in shares of Ferrari during the third quarter valued at approximately $448,000. Finally, CreativeOne Wealth LLC bought a new position in shares of Ferrari during the third quarter valued at $1,041,000.

Ferrari Trading Up 3.1 %

RACE opened at $426.66 on Friday. The stock has a 50-day moving average of $456.12 and a 200 day moving average of $452.75. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13. The firm has a market cap of $103.41 billion, a P/E ratio of 46.63, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

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 issued a $3.1265 dividend. This represents a dividend yield of 0.5%. 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. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. JPMorgan Chase & Co. cut their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $497.86.

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.