Frank Rimerman Advisors LLC Reduces Stock Holdings in Ferrari (NYSE:RACE)

Frank Rimerman Advisors LLC trimmed its stake in Ferrari (NYSE:RACE) by 28.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,210 shares of the company’s stock after selling 6,116 shares during the period. Ferrari accounts for about 0.5% of Frank Rimerman Advisors LLC’s investment portfolio, making the stock its 29th biggest holding. Frank Rimerman Advisors LLC’s holdings in Ferrari were worth $6,462,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in RACE. Assetmark Inc. raised its position in shares of Ferrari by 11.1% in the 3rd quarter. Assetmark Inc. now owns 1,550 shares of the company’s stock worth $729,000 after purchasing an additional 155 shares during the last quarter. Axxcess Wealth Management LLC grew its stake in shares of Ferrari by 20.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 601 shares of the company’s stock valued at $283,000 after acquiring an additional 101 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of Ferrari in the third quarter worth approximately $33,000. Apollon Wealth Management LLC boosted its holdings in Ferrari by 7.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,002 shares of the company’s stock worth $471,000 after buying an additional 69 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Ferrari by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 136,591 shares of the company’s stock worth $64,213,000 after purchasing an additional 2,374 shares in the last quarter.

Ferrari Stock Performance

NYSE RACE opened at $449.42 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 stock has a market cap of $108.93 billion, a PE ratio of 49.12, a P/E/G ratio of 4.43 and a beta of 0.94. The stock has a fifty day simple moving average of $454.38 and a 200-day simple moving average of $455.80. Ferrari has a twelve month low of $399.27 and a twelve month high of $509.13.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. 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 of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Wall Street Analyst Weigh In

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

Ferrari Company 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.