The Manufacturers Life Insurance Company has increased its stake in Ferrari (NYSE:RACE) by 2.8% during the fourth quarter, according to its latest SEC filing. The firm now owns 99,527 shares of Ferrari stock, valued at $42.53 million.
Other hedge funds have also adjusted their Ferrari holdings. Hanson & Doremus Investment Management initiated a new position worth $26,000, while Armstrong Advisory Group Inc. increased its holdings by 100%, now owning 100 shares valued at $42,000. Kestra Investment Management LLC and Plato Investment Management Ltd also acquired new stakes worth approximately $45,000 and $53,000, respectively. Newbridge Financial Services Group Inc. significantly boosted its stake by 705.9%, now holding 137 shares worth $58,000.
On Thursday, Ferrari’s stock opened at $461.15, with a 50-day simple moving average of $442.75 and a 200-day simple moving average of $447.24. The company has a market capitalization of $111.77 billion and a P/E ratio of 50.40. Ferrari recently announced an annual dividend of $3.1265 per share, representing a dividend yield of 0.5%. The ex-dividend date was April 23rd, with the dividend to be paid on May 6th.
Analysts have been adjusting their price targets for Ferrari. JPMorgan Chase & Co. lowered their target from $525 to $460 while maintaining an ‘overweight’ rating. StockNews.com downgraded Ferrari from ‘buy’ to ‘hold’, while Kepler Capital Markets and Barclays upgraded their ratings to ‘buy’ and ‘overweight’, respectively. Currently, Ferrari has a consensus rating of ‘Moderate Buy’ with an average price target of $481.60.
