Ferrari (NYSE:RACE) Shares Down 1.8% – Should You Sell?

Ferrari (NYSE:RACE)’s stock price fell 1.8% on Thursday . The company traded as low as $444.39 and last traded at $444.98. 86,196 shares were traded during trading, a decline of 70% from the average session volume of 284,119 shares. The stock had previously closed at $453.28.

Wall Street Analysts Forecast Growth

RACE has been the subject of several analyst reports. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average 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 market capitalization of $105.70 billion, a P/E ratio of 47.66, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company’s 50 day moving average is $456.03 and its 200-day moving average is $454.22.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Stockholders 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 of this dividend is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is 5.63%.

Institutional Trading of Ferrari

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Vanguard Group Inc. boosted its holdings in Ferrari by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after acquiring an additional 45,754 shares in the last quarter. Bank of Italy raised its position in shares of Ferrari by 2.8% during the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after purchasing an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after purchasing an additional 594,547 shares during the period. Norges Bank bought a new position in shares of Ferrari in the 4th quarter worth $697,226,000. Finally, Bank of New York Mellon Corp grew its position in Ferrari by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after purchasing an additional 38,356 shares during the period.

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.