Ferrari (NYSE:RACE) Shares Down 1.6% – Here’s Why

Ferrari (NYSE:RACE) fell 1.6% during mid-day trading on Monday . The stock traded as low as $442.65 and last traded at $442.33. 107,917 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 280,831 shares. The stock had previously closed at $449.56.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Performance

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 firm has a 50-day moving average of $452.75 and a two-hundred day moving average of $456.16. The company has a market capitalization of $107.29 billion, a PE ratio of 48.38, a PEG ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. This represents a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a positive change 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

Institutional investors and hedge funds have recently modified their holdings of the business. HBK Sorce Advisory LLC raised its position in Ferrari by 3.6% during the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock worth $266,000 after acquiring an additional 22 shares during the period. Elite Wealth Management Inc. raised its position in shares of Ferrari by 1.0% during the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock worth $1,225,000 after purchasing an additional 25 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in Ferrari by 4.4% in the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock valued at $251,000 after buying an additional 25 shares in the last quarter. Garde Capital Inc. lifted its stake in Ferrari by 5.0% in the 4th quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after buying an additional 25 shares in the last quarter. Finally, Addison Advisors LLC boosted its holdings in Ferrari by 13.6% in the 3rd quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after buying an additional 26 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.