Parallel Advisors LLC Sells 264 Shares of Ferrari (NYSE:RACE)

Parallel Advisors LLC reduced its stake in shares of Ferrari (NYSE:RACE) by 24.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 821 shares of the company’s stock after selling 264 shares during the period. Parallel Advisors LLC’s holdings in Ferrari were worth $349,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Corient Private Wealth LLC grew its holdings in Ferrari by 1,226.4% during the fourth quarter. Corient Private Wealth LLC now owns 132,694 shares of the company’s stock valued at $56,153,000 after purchasing an additional 122,690 shares during the period. Greykasell Wealth Strategies Inc. purchased a new position in shares of Ferrari during the 4th quarter valued at $204,000. Aviso Financial Inc. bought a new position in shares of Ferrari during the 4th quarter worth $1,192,000. Madison Investment Advisors LLC purchased a new stake in Ferrari in the 4th quarter worth about $1,502,000. Finally, HBK Sorce Advisory LLC raised its stake in Ferrari by 3.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after acquiring an additional 22 shares during the period.

Wall Street Analyst Weigh In

RACE has been the subject of a number of research reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Down 1.8 %

Shares of NYSE:RACE opened at $436.10 on Friday. The firm has a fifty day moving average price of $456.03 and a two-hundred day moving average price of $454.22. The company has a market cap of $105.70 billion, a price-to-earnings ratio of 47.66, a PEG ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a one year low of $399.27 and a one year high of $509.13.

Ferrari Increases Dividend

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

About Ferrari

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.