Connable Office Inc. Cuts Holdings in Ferrari (NYSE:RACE)

Connable Office Inc. cut its position in shares of Ferrari (NYSE:RACE) by 17.6% during the 4th quarter, Holdings Channel reports. The firm owned 3,941 shares of the company’s stock after selling 844 shares during the quarter. Connable Office Inc.’s holdings in Ferrari were worth $1,674,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new position in Ferrari during the fourth quarter worth about $26,000. Planning Capital Management Corp bought a new stake in Ferrari in the third quarter worth about $30,000. Ashton Thomas Securities LLC bought a new stake in Ferrari in the third quarter worth about $33,000. Armstrong Advisory Group Inc. raised its position in Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the period. Finally, Kestra Investment Management LLC bought a new stake in Ferrari in the fourth quarter worth about $45,000.

Ferrari Stock Performance

NYSE RACE opened at $464.47 on Friday. The company’s 50 day moving average is $449.85 and its 200-day moving average is $456.83. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm has a market cap of $113.21 billion, a P/E ratio of 50.76, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

The company also recently announced 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. 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 5.63%.

Wall Street Analyst Weigh In

Several analysts have commented on RACE shares. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Barclays lowered 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 issued a “hold” rating on the stock. Finally, UBS Group boosted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.