Axxcess Wealth Management LLC Reduces Stake in Ferrari (NYSE:RACE)

Axxcess Wealth Management LLC trimmed its stake in Ferrari (NYSE:RACE) by 3.8% during the fourth quarter, Holdings Channel reports. The fund owned 578 shares of the company’s stock after selling 23 shares during the period. Axxcess Wealth Management LLC’s holdings in Ferrari were worth $246,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new position in Ferrari in the fourth quarter valued at about $26,000. Armstrong Advisory Group Inc. boosted its stake in Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Ferrari in the fourth quarter valued at about $45,000. Hobbs Group Advisors LLC purchased a new stake in shares of Ferrari during the 3rd quarter valued at approximately $47,000. Finally, Plato Investment Management Ltd purchased a new stake in shares of Ferrari during the 4th quarter valued at approximately $53,000.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RACE shares. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

Ferrari stock opened at $436.10 on Friday. The firm’s 50 day simple moving average is $456.03 and its 200 day simple moving average is $454.00. 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 firm has a market capitalization of $105.70 billion, a PE ratio of 47.66, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13.

Ferrari Increases Dividend

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

Ferrari 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.