Ferrari (NYSE:RACE – Get Free Report) was the target of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,520,000 shares, an increase of 21.6% from the February 13th total of 1,250,000 shares. Approximately 1.2% of the company’s shares are short sold. Based on an average trading volume of 354,800 shares, the short-interest ratio is currently 4.3 days.
Analyst Ratings Changes
Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.
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Ferrari Stock Down 1.8 %
Ferrari Increases Dividend
The firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is 5.63%.
Institutional Trading of Ferrari
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Ferrari by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after acquiring an additional 45,754 shares during the last quarter. Jennison Associates LLC increased its stake in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. Bank of Italy raised its holdings in Ferrari by 2.8% during the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after purchasing an additional 63,675 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 49.5% during 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 buying an additional 594,547 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $697,226,000.
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.
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