Ferrari (NYSE:RACE) Trading 0.5% Higher – Here’s Why

Shares of Ferrari (NYSE:RACE) shot up 0.5% during trading on Tuesday . The stock traded as high as $443.44 and last traded at $439.29. 112,548 shares changed hands during trading, a decline of 60% from the average session volume of 281,723 shares. The stock had previously closed at $437.08.

Wall Street Analysts Forecast Growth

RACE has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Tuesday, March 4th. Finally, Barclays downgraded 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 assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 1.5 %

The firm has a market cap of $107.56 billion, a PE ratio of 48.41, a P/E/G ratio of 4.43 and a beta of 0.94. 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 business has a fifty day moving average price of $452.39 and a two-hundred day moving average price of $456.45.

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 issued a $3.1265 dividend. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio is currently 5.63%.

Institutional Trading of Ferrari

Several institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC grew its holdings in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after acquiring an additional 2,636,869 shares in the last quarter. Norges Bank purchased a new position in Ferrari in the fourth quarter valued at about $697,226,000. Price T Rowe Associates Inc. MD increased its position in Ferrari by 49.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after purchasing an additional 594,547 shares during the last quarter. Barclays PLC raised its stake in shares of Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after purchasing an additional 567,407 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after buying an additional 520,337 shares during 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.