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

Pinnacle Wealth Planning Services Inc. trimmed its position in shares of Ferrari (NYSE:RACE) by 23.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hanson & Doremus Investment Management purchased a new position in shares of Ferrari during the 4th quarter valued at approximately $26,000. Planning Capital Management Corp purchased a new position in shares of Ferrari during the 3rd quarter valued at approximately $30,000. Ashton Thomas Securities LLC purchased a new position in shares of Ferrari during the 3rd quarter valued at approximately $33,000. Hobbs Group Advisors LLC purchased a new position in shares of Ferrari during the 3rd quarter valued at approximately $47,000. Finally, Armstrong Advisory Group Inc. increased its holdings in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares in the last quarter.

Ferrari Trading Down 0.3 %

Shares of RACE opened at $458.40 on Thursday. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average is $451.53 and its two-hundred day moving average is $457.11. The stock has a market cap of $111.10 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group lifted their price target 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, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.