Rakuten Securities Inc. Reduces Stake in Ferrari (NYSE:RACE)

Rakuten Securities Inc. reduced its holdings in Ferrari (NYSE:RACE) by 14.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 346 shares of the company’s stock after selling 57 shares during the quarter. Rakuten Securities Inc.’s holdings in Ferrari were worth $147,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Hanson & Doremus Investment Management purchased a new stake in Ferrari in the fourth quarter worth $26,000. Planning Capital Management Corp purchased a new stake in shares of Ferrari in the 3rd quarter worth about $30,000. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at about $33,000. Armstrong Advisory Group Inc. increased its position in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after buying an additional 50 shares during the period. Finally, Kestra Investment Management LLC bought a new position in Ferrari in the fourth quarter worth about $45,000.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RACE. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Up 2.0 %

RACE stock opened at $450.27 on Thursday. The business has a 50 day moving average of $453.26 and a 200 day moving average of $456.12. The firm has a market cap of $109.13 billion, a PE ratio of 49.21, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a twelve month low of $399.27 and a twelve 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.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. The ex-dividend date is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is presently 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.