Ferrari (NYSE:RACE) Trading 1.6% Higher – Still a Buy?

Ferrari (NYSE:RACE) shares rose 1.6% on Wednesday . The company traded as high as $437.55 and last traded at $437.59. Approximately 142,837 shares were traded during trading, a decline of 53% from the average daily volume of 306,897 shares. The stock had previously closed at $430.61.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. JPMorgan Chase & Co. cut their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. UBS Group lowered their price objective on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $498.86.

Ferrari Price Performance

The stock has a fifty day moving average of $455.66 and a two-hundred day moving average of $451.63. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $106.22 billion, a price-to-earnings ratio of 47.90, a PEG ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hanson & Doremus Investment Management bought a new position in shares of Ferrari in the fourth quarter worth about $26,000. Park Square Financial Group LLC acquired a new stake in shares of Ferrari in the fourth quarter valued at approximately $32,000. Armstrong Advisory Group Inc. raised its position in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after purchasing an additional 50 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Ferrari during the 4th quarter worth $45,000. Finally, Hobbs Group Advisors LLC bought a new position in Ferrari in the 3rd quarter valued at $47,000.

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.