Pittenger & Anderson Inc. Sells 1,875 Shares of Ferrari N.V. $RACE

Pittenger & Anderson Inc. decreased its position in Ferrari N.V. (NYSE:RACE) by 91.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 172 shares of the company’s stock after selling 1,875 shares during the period. Pittenger & Anderson Inc.’s holdings in Ferrari were worth $64,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RACE. Bank of New York Mellon Corp lifted its position in shares of Ferrari by 63.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after buying an additional 1,039,234 shares during the last quarter. Groupama Asset Managment increased its holdings in Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock worth $8,244,189,000 after acquiring an additional 916,821 shares during the last quarter. Ninety One UK Ltd purchased a new stake in Ferrari in the 4th quarter worth about $338,785,000. Viking Global Investors LP raised its stake in Ferrari by 432.7% in the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock valued at $353,526,000 after acquiring an additional 585,872 shares during the period. Finally, Credit Agricole S A purchased a new stake in Ferrari during the third quarter valued at about $279,003,000.

Wall Street Analyst Weigh In

RACE has been the subject of a number of research reports. UBS Group cut their target price on shares of Ferrari from $555.00 to $483.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. Morgan Stanley set a $420.00 price target on shares of Ferrari in a research note on Monday, February 16th. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Finally, HSBC reiterated a “hold” rating on shares of Ferrari in a research note on Tuesday, January 13th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $469.06.

Ferrari Trading Up 0.2%

Ferrari stock opened at $341.84 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 4.38 and a current ratio of 5.70. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The stock has a market cap of $79.97 billion, a P/E ratio of 33.81, a PEG ratio of 3.23 and a beta of 0.95. The firm’s fifty day moving average price is $347.32 and its 200-day moving average price is $366.19.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 21st will be paid a $3.615 dividend. The ex-dividend date is Tuesday, April 21st. This represents a yield of 119.0%. This is an increase from Ferrari’s previous annual dividend of $3.13.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.