Ferrari (NYSE:RACE) Sees Strong Trading Volume – Here’s What Happened

Ferrari (NYSE:RACE) shares saw unusually-strong trading volume on Thursday . Approximately 587,195 shares were traded during mid-day trading, an increase of 100% from the previous session’s volume of 293,915 shares.The stock last traded at $419.65 and had previously closed at $413.73.

Analyst Upgrades and Downgrades

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

Ferrari Trading Up 0.7 %

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 stock has a market cap of $104.21 billion, a price-to-earnings ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94. The business has a 50-day simple moving average of $456.00 and a two-hundred day simple moving average of $452.46.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Fox Run Management L.L.C. bought a new position in shares of Ferrari in the fourth quarter valued at $853,000. Charles Schwab Investment Management Inc. grew its position in shares of Ferrari by 8.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after acquiring an additional 755 shares during the period. Sapient Capital LLC increased its stake in shares of Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Ferrari in the 4th quarter valued at about $3,371,000. Finally, Allworth Financial LP lifted its stake in Ferrari by 35.1% in the 4th quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after purchasing an additional 85 shares during 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.