Ferrari (NYSE:RACE) Shares Down 1% – Here’s Why

Shares of Ferrari (NYSE:RACE) were down 1% during trading on Thursday . The stock traded as low as $434.30 and last traded at $434.30. Approximately 263,525 shares were traded during trading, a decline of 15% from the average daily volume of 308,565 shares. The stock had previously closed at $438.54.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. UBS Group cut their target price on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research report on Tuesday. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Finally, Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $490.29.

Ferrari Stock Down 1.6 %

The firm has a 50 day moving average price of $455.78 and a 200-day moving average price of $451.54. The firm has a market cap of $104.54 billion, a PE ratio of 47.14, a PEG ratio of 4.43 and a beta of 0.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Large investors have recently bought and sold shares of the business. Versant Capital Management Inc boosted its position in shares of Ferrari by 1,366.7% during the 1st quarter. Versant Capital Management Inc now owns 748 shares of the company’s stock worth $317,000 after acquiring an additional 697 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Ferrari by 43.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock valued at $1,430,000 after purchasing an additional 1,022 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Ferrari during the fourth quarter worth approximately $18,276,000. Park Square Financial Group LLC purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $32,000. Finally, Brucke Financial Inc. purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $502,000.

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.