Verdence Capital Advisors LLC Sells 27 Shares of Ferrari (NYSE:RACE)

Verdence Capital Advisors LLC lowered its position in shares of Ferrari (NYSE:RACE) by 1.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,250 shares of the company’s stock after selling 27 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Ferrari were worth $956,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RACE. Sapient Capital LLC raised its holdings in shares of Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the period. Cerity Partners LLC raised its holdings in shares of Ferrari by 14.0% in the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Ferrari by 2.4% in 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 during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Ferrari by 156.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock worth $2,731,000 after purchasing an additional 3,900 shares during the period. Finally, Miracle Mile Advisors LLC raised its holdings in shares of Ferrari by 123.9% in the 4th quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company’s stock worth $3,826,000 after purchasing an additional 4,983 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RACE. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group lifted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Down 0.3 %

RACE opened at $458.40 on Thursday. The company has a fifty day moving average price of $451.53 and a 200-day moving average price of $457.11. The firm has a market capitalization of $111.10 billion, a P/E ratio of 50.10, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a one year low of $399.27 and a one year high of $509.13.

Ferrari Increases Dividend

The company also recently declared 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. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s payout ratio is 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.