Ferrari (NYSE:RACE) Shares Down 0.6% – Time to Sell?

Ferrari (NYSE:RACE) fell 0.6% during trading on Tuesday . The company 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 subject of several analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Performance

The business’s fifty day moving average price is $456.37 and its 200-day moving average price is $453.47. The stock has a market cap of $104.64 billion, a PE ratio of 47.22, 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.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors have recently modified their holdings of the company. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari in the fourth quarter worth $26,000. Park Square Financial Group LLC purchased a new stake in shares of Ferrari during the 4th quarter valued at about $32,000. Armstrong Advisory Group Inc. lifted its stake in shares of Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after purchasing an additional 50 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Ferrari in the fourth quarter worth approximately $45,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Ferrari in the third quarter worth approximately $47,000.

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.