Ferrari (NYSE:RACE) Trading 1.3% Higher – Here’s What Happened

Ferrari (NYSE:RACE)’s share price shot up 1.3% during trading on Friday . The company traded as high as $438.67 and last traded at $432.17. 311,193 shares were traded during mid-day trading, an increase of 4% from the average session volume of 298,050 shares. The stock had previously closed at $426.82.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Stock Up 0.7 %

The stock has a market cap of $104.21 billion, a P/E ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94. The firm has a 50 day simple moving average of $456.00 and a two-hundred day simple moving average of $452.36. 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 disclosed 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 is Wednesday, April 23rd. This represents a yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is presently 5.63%.

Institutional Trading of Ferrari

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Thrivent Financial for Lutherans lifted its holdings in shares of Ferrari by 63.4% in the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock valued at $1,274,000 after buying an additional 1,051 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Ferrari by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock valued at $4,412,000 after acquiring an additional 1,864 shares during the last quarter. Townsquare Capital LLC lifted its holdings in Ferrari by 24.8% in the 3rd quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock valued at $2,555,000 after acquiring an additional 1,079 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of Ferrari during the 3rd quarter valued at about $1,041,000. Finally, Icon Wealth Advisors LLC raised its holdings in shares of Ferrari by 8.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 436 shares of the company’s stock worth $205,000 after purchasing an additional 34 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.