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

Shares of Ferrari (NYSE:RACE) gapped up before the market opened on Friday . The stock had previously closed at $426.82, but opened at $436.89. Ferrari shares last traded at $434.79, with a volume of 174,324 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RACE shares. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $497.86.

Ferrari Trading Up 1.7 %

The company has a market cap of $105.25 billion, a price-to-earnings ratio of 47.50, 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. The business’s fifty day simple moving average is $456.12 and its two-hundred day simple moving average is $452.75.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid 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 currently 5.63%.

Hedge Funds Weigh In On Ferrari

Several large investors have recently bought and sold shares of RACE. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Ferrari by 43.6% in 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 during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new position in Ferrari during the fourth quarter worth approximately $18,276,000. Park Square Financial Group LLC purchased a new stake in Ferrari in the fourth quarter valued at approximately $32,000. Brucke Financial Inc. acquired a new stake in shares of Ferrari in the fourth quarter valued at approximately $502,000. Finally, Jefferies Financial Group Inc. grew its position 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 acquiring an additional 56,008 shares during the last quarter.

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.