Ferrari (NYSE:RACE) Shares Down 0.6% – What’s Next?

Shares of Ferrari (NYSE:RACE) traded down 0.6% during mid-day trading on Tuesday . The stock traded as low as $432.28 and last traded at $433.22. 74,332 shares were traded during mid-day trading, a decline of 81% from the average session volume of 388,311 shares. The stock had previously closed at $435.83.

Wall Street Analysts Forecast Growth

RACE has been the topic of several research reports. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $497.86.

Ferrari Stock Performance

The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average price is $456.26 and its 200 day moving average price is $452.94. The stock has a market capitalization of $98.01 billion, a price-to-earnings ratio of 44.11, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The company also recently declared 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. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is currently 5.63%.

Institutional Investors Weigh In On Ferrari

Several institutional investors and hedge funds have recently modified their holdings of RACE. Vanguard Group Inc. boosted its holdings in Ferrari by 1.0% during 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 period. Bank of Italy boosted its stake in shares of Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after purchasing an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD grew its holdings 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 valued at $763,125,000 after purchasing an additional 594,547 shares in the last quarter. Norges Bank purchased a new stake in Ferrari during the 4th quarter worth approximately $697,226,000. Finally, Bank of New York Mellon Corp increased its stake in Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after buying an additional 38,356 shares during the period.

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.