Ferrari (NYSE:RACE) Trading Up 1.8% – Here’s What Happened

Ferrari (NYSE:RACE)’s stock price rose 1.8% during trading on Friday . The company traded as high as $449.70 and last traded at $448.38. Approximately 54,524 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 283,388 shares. The stock had previously closed at $440.66.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent research reports. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. 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 assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price 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 has a market capitalization of $108.67 billion, a PE ratio of 49.00, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm’s fifty day simple moving average is $453.74 and its 200 day simple moving average is $456.01.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This represents a 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%.

Institutional Investors Weigh In On Ferrari

Several hedge funds have recently added to or reduced their stakes in RACE. Jennison Associates LLC raised its position in shares of Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after acquiring an additional 2,636,869 shares during the period. Norges Bank acquired a new position in shares of Ferrari in the fourth quarter worth about $697,226,000. Price T Rowe Associates Inc. MD raised its position in shares of Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after acquiring an additional 594,547 shares during the period. Barclays PLC raised its position in shares of Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after acquiring an additional 567,407 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Ferrari by 62.1% in the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after acquiring an additional 520,337 shares during the period.

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.