Ferrari (NYSE:RACE) Shares Down 1.3% – What’s Next?

Ferrari (NYSE:RACE)’s stock price was down 1.3% during trading on Monday . The stock traded as low as $423.40 and last traded at $424.22. Approximately 125,711 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 304,485 shares. The stock had previously closed at $429.71.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. reduced their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $497.86.

Ferrari Stock Down 0.2 %

The firm’s 50 day simple moving average is $456.00 and its two-hundred day simple moving average is $452.20. The firm has a market cap of $103.93 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 4.43 and a beta of 0.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HBK Sorce Advisory LLC raised its stake in Ferrari by 3.6% in the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after purchasing an additional 22 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock worth $251,000 after acquiring an additional 25 shares during the period. Garde Capital Inc. increased its stake in Ferrari by 5.0% in the fourth quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after acquiring an additional 25 shares during the last quarter. PDS Planning Inc increased its stake in shares of Ferrari by 4.8% in the 4th quarter. PDS Planning Inc now owns 589 shares of the company’s stock valued at $250,000 after purchasing an additional 27 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Ferrari by 10.0% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock worth $140,000 after buying an additional 30 shares in the last quarter.

Ferrari Company 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.