Pinnacle Wealth Planning Services Inc. Trims Position in Ferrari (NYSE:RACE)

Pinnacle Wealth Planning Services Inc. lessened its stake in shares of Ferrari (NYSE:RACE) by 23.7% during the 4th quarter, Holdings Channel reports. The fund owned 1,754 shares of the company’s stock after selling 545 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Ferrari were worth $745,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RACE. Hanson & Doremus Investment Management purchased a new stake in Ferrari in the 4th quarter valued at about $26,000. Planning Capital Management Corp purchased a new stake in Ferrari in the 3rd quarter valued at about $30,000. Ashton Thomas Securities LLC purchased a new stake in Ferrari in the 3rd quarter valued at about $33,000. Armstrong Advisory Group Inc. raised its holdings in Ferrari by 100.0% in the 4th 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 purchased a new stake in Ferrari in the 4th quarter valued at about $45,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. UBS Group boosted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Performance

Shares of Ferrari stock opened at $458.40 on Thursday. Ferrari has a one year low of $399.27 and a one year high of $509.13. The company has a market cap of $111.10 billion, a PE ratio of 50.10, a P/E/G ratio of 4.43 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business has a 50-day simple moving average of $451.53 and a 200-day simple moving average of $457.11.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given 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 payout ratio 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.