Axxcess Wealth Management LLC Sells 23 Shares of Ferrari (NYSE:RACE)

Axxcess Wealth Management LLC reduced its stake in Ferrari (NYSE:RACE) by 3.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 578 shares of the company’s stock after selling 23 shares during the period. Axxcess Wealth Management LLC’s holdings in Ferrari were worth $246,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hanson & Doremus Investment Management bought a new stake in Ferrari in the fourth quarter valued at $26,000. Armstrong Advisory Group Inc. increased its stake in Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares in the last quarter. Kestra Investment Management LLC bought a new stake in Ferrari in the fourth quarter valued at $45,000. Hobbs Group Advisors LLC bought a new stake in Ferrari in the third quarter valued at $47,000. Finally, Plato Investment Management Ltd bought a new stake in Ferrari in the fourth quarter valued at $53,000.

Analyst Upgrades and Downgrades

RACE has been the subject of several recent research reports. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Down 1.8 %

Ferrari stock opened at $436.10 on Friday. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The stock has a market cap of $105.70 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm’s 50-day simple moving average is $456.03 and its 200 day simple moving average is $454.00. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s payout ratio is 5.63%.

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.