Ferrari (NYSE:RACE) Trading 1.4% Higher – What’s Next?

Ferrari (NYSE:RACE)’s stock price traded up 1.4% during mid-day trading on Thursday . The company traded as high as $424.26 and last traded at $419.50. 824,573 shares were traded during trading, an increase of 180% from the average session volume of 294,564 shares. The stock had previously closed at $413.73.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RACE. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. cut their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Barclays cut shares of 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’s stock. According to MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus price target of $497.86.

Ferrari Trading Up 2.3 %

The stock’s fifty day simple moving average is $456.26 and its two-hundred day simple moving average is $452.94. The firm has a market cap of $102.62 billion, a PE ratio of 46.27, a PEG ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

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 paid a dividend of $3.1265 per share. This is a boost from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s payout ratio is presently 5.63%.

Hedge Funds Weigh In On Ferrari

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake 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 purchasing an additional 45,754 shares in the last quarter. Bank of Italy raised its holdings in Ferrari by 2.8% in the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after acquiring an additional 63,675 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Ferrari by 49.5% in 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 acquiring an additional 594,547 shares during the last quarter. Norges Bank bought a new position in Ferrari in the 4th quarter valued at approximately $697,226,000. Finally, Bank of New York Mellon Corp boosted 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 valued at $684,888,000 after purchasing an additional 38,356 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.