Capital Group Private Client Services Inc. Sells 1,696 Shares of Ferrari (NYSE:RACE)

Capital Group Private Client Services Inc. lessened its stake in shares of Ferrari (NYSE:RACE - Free Report) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,915 shares of the company's stock after selling 1,696 shares during the period. Capital Group Private Client Services Inc.'s holdings in Ferrari were worth $27,297,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RACE. Hanson & Doremus Investment Management bought a new position in Ferrari in the 4th quarter worth approximately $26,000. Armstrong Advisory Group Inc. boosted its holdings in shares of 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. Kestra Investment Management LLC purchased a new position in shares of Ferrari in the fourth quarter valued at $45,000. Plato Investment Management Ltd bought a new stake in shares of Ferrari during the 4th quarter valued at $53,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in Ferrari by 705.9% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock worth $58,000 after purchasing an additional 120 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RACE shares. UBS Group lowered their price target on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Finally, Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $481.60.

Ferrari Trading Up 0.0 %

Ferrari stock traded up $0.04 during mid-day trading on Wednesday, hitting $443.81. The company's stock had a trading volume of 171,781 shares, compared to its average volume of 327,942. Ferrari has a 12 month low of $391.54 and a 12 month high of $509.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The business has a 50 day moving average price of $448.42 and a 200-day moving average price of $447.22. The stock has a market cap of $107.57 billion, a price-to-earnings ratio of 48.50, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This is a boost from Ferrari's previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a dividend 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.