Parallel Advisors LLC Sells 264 Shares of Ferrari (NYSE:RACE)

Parallel Advisors LLC decreased its stake in Ferrari (NYSE:RACE) by 24.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 821 shares of the company’s stock after selling 264 shares during the period. Parallel Advisors LLC’s holdings in Ferrari were worth $349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. HBK Sorce Advisory LLC increased its stake in Ferrari by 3.6% in the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after acquiring an additional 22 shares during the last quarter. Elite Wealth Management Inc. increased its position in shares of Ferrari by 1.0% during the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock valued at $251,000 after buying an additional 25 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Ferrari by 10.0% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock worth $140,000 after buying an additional 30 shares during the last quarter. Finally, Caprock Group LLC boosted its stake in Ferrari by 1.7% in the third quarter. Caprock Group LLC now owns 1,823 shares of the company’s stock worth $857,000 after buying an additional 31 shares in the last quarter.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $436.10 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average price of $456.03 and a 200-day moving average price of $454.22. The company has a market cap of $105.70 billion, a price-to-earnings ratio of 47.66, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a 12 month low of $399.27 and a 12 month high of $509.13.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s dividend payout ratio is presently 5.63%.

Analysts Set New Price Targets

RACE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays lowered shares of 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, March 12th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

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.