Short Interest in Ferrari (NYSE:RACE) Expands By 21.6%

Ferrari (NYSE:RACE) was the recipient of a significant increase in short interest in February. As of February 28th, there was short interest totalling 1,520,000 shares, an increase of 21.6% from the February 13th total of 1,250,000 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily volume of 354,800 shares, the short-interest ratio is presently 4.3 days.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RACE. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Up 1.3 %

Shares of RACE traded up $5.94 during trading hours on Wednesday, hitting $452.37. 112,632 shares of the company were exchanged, compared to its average volume of 284,578. 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 company has a market cap of $109.64 billion, a PE ratio of 49.46, a PEG ratio of 4.43 and a beta of 0.94. The firm’s 50 day moving average is $455.30 and its 200-day moving average is $454.73. Ferrari has a 52 week low of $399.27 and a 52 week high of $509.13.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be given a $3.1265 dividend. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is currently 5.63%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RACE. Oppenheimer Asset Management Inc. grew its position in shares of Ferrari by 7.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 2,454 shares of the company’s stock valued at $1,154,000 after purchasing an additional 168 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Ferrari by 3.8% in the third quarter. OneDigital Investment Advisors LLC now owns 3,078 shares of the company’s stock valued at $1,447,000 after acquiring an additional 113 shares during the period. Mill Creek Capital Advisors LLC acquired a new position in Ferrari in the 3rd quarter valued at approximately $218,000. Mutual of America Capital Management LLC boosted its position in shares of Ferrari by 20.7% during the 3rd quarter. Mutual of America Capital Management LLC now owns 22,285 shares of the company’s stock valued at $10,445,000 after acquiring an additional 3,824 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in 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 acquiring an additional 1,051 shares during the period.

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.