Ferrari (NYSE:RACE) Shares Down 0.6% – Here’s What Happened

Ferrari (NYSE:RACE) shares traded down 0.6% during mid-day trading on Tuesday . The stock traded as low as $432.28 and last traded at $433.22. 74,332 shares were traded during mid-day trading, a decline of 81% from the average session volume of 388,311 shares. The stock had previously closed at $435.83.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. cut their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. 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, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Stock Performance

The company has a market capitalization of $98.01 billion, a PE ratio of 44.11, a PEG ratio of 4.43 and a beta of 0.94. The firm has a 50-day moving average of $456.26 and a two-hundred day moving average of $452.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Ferrari by 1.0% during the 4th 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 holdings in Ferrari by 2.8% in the 4th 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 boosted its position in 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 in the last quarter. Norges Bank acquired a new stake in Ferrari in the fourth quarter valued at approximately $697,226,000. Finally, Bank of New York Mellon Corp increased its position in shares of Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after buying an additional 38,356 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.