Ferrari (NYSE:RACE) Shares Up 1.2% – Here’s What Happened

Ferrari (NYSE:RACE)’s stock price traded up 1.2% during trading on Wednesday . The stock traded as high as $452.00 and last traded at $451.83. 49,341 shares were traded during mid-day trading, a decline of 83% from the average session volume of 284,302 shares. The stock had previously closed at $446.43.

Analysts Set New Price Targets

RACE has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Three equities 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, Ferrari has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The stock’s 50-day moving average price is $455.90 and its 200-day moving average price is $454.65. The company has a market capitalization of $105.99 billion, a price-to-earnings ratio of 47.68, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Institutional Investors Weigh In On Ferrari

Institutional investors and hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in Ferrari by 43.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock worth $1,430,000 after purchasing an additional 1,022 shares during the period. Lansforsakringar Fondforvaltning AB publ acquired a new position in Ferrari during the 4th quarter valued at about $18,276,000. Park Square Financial Group LLC bought a new position in shares of Ferrari in the 4th quarter valued at about $32,000. Brucke Financial Inc. acquired a new stake in shares of Ferrari during the 4th quarter worth approximately $502,000. Finally, Jefferies Financial Group Inc. raised its stake in shares of Ferrari by 113.4% during the fourth quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company’s stock worth $2,825,000 after buying an additional 56,008 shares during the last quarter.

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.