Ferrari (NYSE:RACE) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its stake in Ferrari (NYSE:RACE) by 6.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,041 shares of the company’s stock after selling 1,420 shares during the period. HighTower Advisors LLC’s holdings in Ferrari were worth $8,529,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sapient Capital LLC raised its holdings in shares of Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the period. Cerity Partners LLC raised its holdings in shares of Ferrari by 14.0% during the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Ferrari during the fourth quarter worth $3,371,000. Allworth Financial LP raised its holdings in shares of Ferrari by 35.1% during the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Ferrari by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after purchasing an additional 38,356 shares during the period.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RACE. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 1.2 %

RACE stock opened at $454.62 on Tuesday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The firm’s 50-day simple moving average is $454.94 and its 200 day simple moving average is $455.09. The stock has a market cap of $110.19 billion, a PE ratio of 49.68, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a $3.1265 dividend. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is currently 5.63%.

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.