Ferrari (NYSE:RACE) Shares Up 1.4% – Time to Buy?

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RACE. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. dropped their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Trading Up 2.3 %

The stock 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 debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The stock has a fifty day moving average price of $456.26 and a 200 day moving average price of $452.94.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be paid a $3.1265 dividend. This is a positive change 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 dividend payout ratio (DPR) is presently 5.63%.

Hedge Funds Weigh In On Ferrari

A number of institutional investors have recently modified their holdings of RACE. Wealth Enhancement Advisory Services LLC raised its position in Ferrari by 43.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock valued at $1,430,000 after purchasing an additional 1,022 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Ferrari in the 4th quarter worth approximately $18,276,000. Park Square Financial Group LLC bought a new position in shares of Ferrari during the fourth quarter valued at approximately $32,000. Brucke Financial Inc. purchased a new position in Ferrari during the fourth quarter valued at approximately $502,000. Finally, Jefferies Financial Group Inc. raised its stake in Ferrari by 113.4% in 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 in 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.