Sound View Wealth Advisors Group LLC Decreases Stake in Ferrari (NYSE:RACE)

Sound View Wealth Advisors Group LLC cut its position in Ferrari (NYSE:RACE) by 1.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,177 shares of the company’s stock after selling 30 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Ferrari were worth $925,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of RACE. Jennison Associates LLC raised its stake in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Ferrari by 380.7% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after acquiring an additional 192,694 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Ferrari by 83.7% during the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after acquiring an additional 105,390 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Ferrari by 89.9% during the third quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after purchasing an additional 104,366 shares during the last quarter. Finally, Temasek Holdings Private Ltd acquired a new position in Ferrari in the third quarter valued at approximately $43,801,000.

Ferrari Trading Up 0.8 %

Shares of Ferrari stock opened at $450.14 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company has a market capitalization of $109.10 billion, a P/E ratio of 49.20, a PEG ratio of 4.43 and a beta of 0.94. Ferrari has a 1 year low of $399.27 and a 1 year high of $509.13. The company’s fifty day moving average is $452.18 and its two-hundred day moving average is $456.73.

Ferrari Increases Dividend

The business 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 represents a dividend yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio (DPR) is currently 5.63%.

Analysts Set New Price Targets

A number of research firms have weighed in on RACE. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Company 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.