Connable Office Inc. Sells 844 Shares of Ferrari (NYSE:RACE)

Connable Office Inc. trimmed its holdings in shares of Ferrari (NYSE:RACE - Free Report) by 17.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,941 shares of the company's stock after selling 844 shares during the period. Connable Office Inc.'s holdings in Ferrari were worth $1,674,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Jennison Associates LLC grew its holdings in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company's stock valued at $1,368,622,000 after buying an additional 2,636,869 shares during the last quarter. Bank of Italy boosted its stake in Ferrari by 2.8% during the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company's stock valued at $1,002,392,000 after purchasing an additional 63,675 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Ferrari by 2.4% during the 4th 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 in the last quarter. Swiss National Bank increased its holdings in Ferrari by 0.5% during the 3rd quarter. Swiss National Bank now owns 377,857 shares of the company's stock worth $177,157,000 after purchasing an additional 1,914 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Ferrari by 6.1% in the third quarter. Barclays PLC now owns 286,564 shares of the company's stock worth $134,719,000 after purchasing an additional 16,428 shares during the last quarter.

Ferrari Stock Performance

NYSE:RACE traded down $1.19 on Wednesday, reaching $458.40. 573,753 shares of the company's stock were exchanged, compared to its average volume of 279,458. The stock has a fifty day simple moving average of $451.04 and a 200-day simple moving average of $457.10. Ferrari has a 52 week low of $399.27 and a 52 week 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 firm has a market cap of $111.10 billion, a price-to-earnings ratio of 50.10, a P/E/G ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

The business 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 represents a dividend yield of 0.5%. This is a positive change from Ferrari's previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari's payout ratio is presently 5.63%.

Analysts Set New Price Targets

RACE has been the subject of several recent research reports. UBS Group upped their price target on Ferrari from $478.00 to $513.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Barclays downgraded Ferrari from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating for the company. Finally, StockNews.com cut Ferrari from a "buy" rating to a "hold" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $507.14.

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.