Envestnet Portfolio Solutions Inc. Sells 2,434 Shares of Ferrari (NYSE:RACE)

Envestnet Portfolio Solutions Inc. lowered its stake in shares of Ferrari (NYSE:RACE) by 23.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,992 shares of the company’s stock after selling 2,434 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Ferrari were worth $3,397,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Hanson & Doremus Investment Management acquired a new position in Ferrari in the 4th quarter valued at approximately $26,000. Armstrong Advisory Group Inc. increased its position in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $45,000. Hobbs Group Advisors LLC acquired a new position in shares of Ferrari in the third quarter valued at $47,000. Finally, Plato Investment Management Ltd acquired a new position in shares of Ferrari in the 4th quarter valued at $53,000.

Ferrari Stock Up 1.5 %

Shares of NYSE RACE opened at $453.34 on Thursday. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The firm’s 50-day simple moving average is $455.70 and its 200 day simple moving average is $454.72. 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 company has a market cap of $109.88 billion, a price-to-earnings ratio of 49.55, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business also recently announced 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 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 is presently 5.63%.

Wall Street Analyst Weigh In

Several research firms recently commented on RACE. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.