Ferrari (NYSE:RACE) Reaches New 52-Week Low – Here’s What Happened

Ferrari (NYSE:RACE)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $395.66 and last traded at $396.24, with a volume of 580104 shares. The stock had previously closed at $414.85.

Analyst Ratings Changes

Several research firms recently commented on RACE. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. dropped their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Finally, UBS Group reduced their price target on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $490.29.

Ferrari Price 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 stock has a 50 day simple moving average of $453.58 and a 200-day simple moving average of $449.10. The firm has a market cap of $104.86 billion, a PE ratio of 47.28, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Hedge Funds Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently modified their holdings of RACE. Charles Schwab Investment Management Inc. grew its position in shares of Ferrari by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after purchasing an additional 755 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Ferrari during the fourth quarter valued at $853,000. Sapient Capital LLC grew its stake in shares of Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after buying an additional 653 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Ferrari by 2.6% in the 4th quarter. Russell Investments Group Ltd. now owns 128,482 shares of the company’s stock worth $54,847,000 after buying an additional 3,277 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. purchased a new stake in shares of Ferrari during the 4th quarter valued at about $3,371,000.

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.