Ferrari (NYSE:RACE) Sees Strong Trading Volume – Still a Buy?

Ferrari (NYSE:RACE) shares saw unusually-strong trading volume on Thursday . Approximately 587,195 shares changed hands during trading, an increase of 100% from the previous session’s volume of 293,915 shares.The stock last traded at $419.65 and had previously closed at $413.73.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RACE. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. reduced their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Stock Performance

The firm has a market cap of $104.21 billion, a P/E ratio of 46.99, 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 quick ratio of 3.55 and a current ratio of 4.57. The company’s 50 day moving average is $456.00 and its 200 day moving average is $452.46.

Ferrari Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a dividend 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 payout ratio is 5.63%.

Institutional Trading of Ferrari

Institutional investors have recently added to or reduced their stakes in the stock. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari in the 4th quarter valued at $26,000. Park Square Financial Group LLC acquired a new position in Ferrari in the fourth quarter valued at $32,000. Armstrong Advisory Group Inc. boosted its position in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new position in shares of Ferrari in the 4th quarter worth about $45,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Ferrari in the 3rd quarter worth about $47,000.

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.