Ferrari (NYSE:RACE) Trading Up 1.8% – Here’s What Happened

Ferrari (NYSE:RACE)’s share price was up 1.8% on Friday . The company traded as high as $449.70 and last traded at $448.38. Approximately 54,524 shares traded hands during trading, a decline of 81% from the average daily volume of 283,388 shares. The stock had previously closed at $440.66.

Analysts Set New Price Targets

RACE has been the subject of several recent research reports. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 1.7 %

The company has a 50-day simple moving average of $453.74 and a 200-day simple moving average of $456.01. The firm has a market cap of $108.67 billion, a PE ratio of 49.00, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

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 given a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is 5.63%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RACE. Assetmark Inc. raised its stake in shares of Ferrari by 11.1% during the third quarter. Assetmark Inc. now owns 1,550 shares of the company’s stock valued at $729,000 after acquiring an additional 155 shares in the last quarter. Axxcess Wealth Management LLC raised its stake in shares of Ferrari by 20.2% during the third quarter. Axxcess Wealth Management LLC now owns 601 shares of the company’s stock valued at $283,000 after acquiring an additional 101 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the third quarter valued at approximately $33,000. Apollon Wealth Management LLC raised its stake in shares of Ferrari by 7.4% during the third quarter. Apollon Wealth Management LLC now owns 1,002 shares of the company’s stock valued at $471,000 after acquiring an additional 69 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Ferrari by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 136,591 shares of the company’s stock valued at $64,213,000 after acquiring an additional 2,374 shares in 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.