Ferrari (NYSE:RACE) Stock Price Up 0.9% – Here’s Why

Ferrari (NYSE:RACE) rose 0.9% during trading on Friday . The company traded as high as $453.03 and last traded at $450.67. Approximately 169,970 shares changed hands during trading, a decline of 39% from the average daily volume of 280,024 shares. The stock had previously closed at $446.70.

Analyst Ratings Changes

RACE has been the subject of a number of research analyst reports. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The company’s fifty day moving average price is $451.82 and its 200 day moving average price is $457.04. The company has a market cap of $109.49 billion, a PE ratio of 49.36, a P/E/G ratio of 4.43 and a beta of 0.95.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently bought and sold shares of RACE. Park Square Financial Group LLC bought a new stake in Ferrari in the 4th quarter valued at about $32,000. Brucke Financial Inc. bought a new position in Ferrari in the 4th quarter worth approximately $502,000. Jefferies Financial Group Inc. grew its stake in Ferrari by 113.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company’s stock valued at $2,825,000 after buying an additional 56,008 shares in the last quarter. Tiptree Advisors LLC bought a new stake in Ferrari during the 4th quarter valued at $4,248,000. Finally, Capital A Wealth Management LLC purchased a new stake in shares of Ferrari during the fourth quarter worth $141,000.

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.