Ferrari (NYSE:RACE) Trading Down 2.6% – Time to Sell?

Ferrari (NYSE:RACE) shares traded down 2.6% during trading on Wednesday . The stock traded as low as $420.79 and last traded at $422.90. 129,784 shares were traded during mid-day trading, a decline of 55% from the average session volume of 287,998 shares. The stock had previously closed at $433.98.

Analyst Ratings Changes

A number of brokerages have issued reports on RACE. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Price Performance

The company has a fifty day simple moving average of $456.12 and a 200-day simple moving average of $452.75. The company has a market cap of $104.21 billion, a P/E ratio of 46.99, a PEG 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 business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is currently 5.63%.

Hedge Funds Weigh In On Ferrari

Institutional investors have recently bought and sold shares of the stock. Thrivent Financial for Lutherans boosted its holdings in shares of Ferrari by 63.4% in the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock worth $1,274,000 after buying an additional 1,051 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Ferrari by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock valued at $4,412,000 after acquiring an additional 1,864 shares during the period. Townsquare Capital LLC lifted its position in shares of Ferrari by 24.8% in the 3rd quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock valued at $2,555,000 after acquiring an additional 1,079 shares in the last quarter. Cynosure Group LLC acquired a new position in Ferrari in the 3rd quarter worth approximately $448,000. Finally, CreativeOne Wealth LLC purchased a new position in Ferrari during the 3rd quarter worth approximately $1,041,000.

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.