Capital Research Global Investors Sells 162,674 Shares of Ferrari (NYSE:RACE)

Capital Research Global Investors cut its stake in shares of Ferrari (NYSE:RACE - Free Report) by 14.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 945,663 shares of the company's stock after selling 162,674 shares during the quarter. Capital Research Global Investors owned approximately 0.39% of Ferrari worth $404,597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new position in shares of Ferrari in the fourth quarter valued at about $26,000. Armstrong Advisory Group Inc. lifted its holdings in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after purchasing an additional 50 shares in the last quarter. Kestra Investment Management LLC bought a new position in Ferrari in the 4th quarter worth approximately $45,000. Plato Investment Management Ltd purchased a new stake in Ferrari during the 4th quarter valued at approximately $53,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Ferrari by 705.9% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 137 shares of the company's stock valued at $58,000 after buying an additional 120 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RACE. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating for the company. UBS Group decreased their target price on Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. decreased their price objective on Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $481.60.

Ferrari Price Performance

Shares of Ferrari stock opened at $439.76 on Friday. The stock has a market cap of $106.59 billion, a price-to-earnings ratio of 48.06, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The stock has a 50 day moving average price of $450.23 and a 200-day moving average price of $447.34. Ferrari has a one year low of $391.54 and a one year high of $509.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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 represents a dividend 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 (DPR) is 5.63%.

Ferrari 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.

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