Ferrari (NYSE:RACE – Get Free Report)’s stock price rose 0.8% on Monday . The company traded as high as $453.50 and last traded at $452.80. Approximately 58,389 shares were traded during trading, a decline of 79% from the average daily volume of 284,158 shares. The stock had previously closed at $449.23.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on RACE shares. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $507.14.
Get Our Latest Stock Analysis on RACE
Ferrari Stock Up 1.3 %
Ferrari Increases Dividend
The firm also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. 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. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is 5.63%.
Institutional Investors Weigh In On Ferrari
Institutional investors and hedge funds have recently modified their holdings of the stock. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the fourth quarter worth $26,000. Park Square Financial Group LLC acquired a new stake in Ferrari during the 4th quarter worth about $32,000. Hobbs Group Advisors LLC purchased a new stake in Ferrari during the third quarter valued at about $47,000. Armstrong Advisory Group Inc. increased its position in shares of Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Ferrari during the fourth quarter valued at approximately $45,000.
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.
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