Ferrari (NYSE:RACE) Stock Price Up 0.9% – Time to Buy?

Ferrari (NYSE:RACE)’s stock price rose 0.9% on Wednesday . The company traded as high as $446.58 and last traded at $445.22. Approximately 57,777 shares were traded during trading, a decline of 80% from the average daily volume of 282,525 shares. The stock had previously closed at $441.25.

Analysts Set New Price Targets

Several brokerages have commented on RACE. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

The firm has a 50-day moving average price of $452.75 and a two-hundred day moving average price of $456.16. The firm has a market capitalization of $109.09 billion, a P/E ratio of 49.13, a P/E/G 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 company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be given a dividend of $3.1265 per share. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s payout ratio is 5.63%.

Institutional Trading of Ferrari

A number of hedge funds have recently added to or reduced their stakes in the business. HBK Sorce Advisory LLC boosted its position in shares of Ferrari by 3.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock worth $266,000 after purchasing an additional 22 shares in the last quarter. Elite Wealth Management Inc. grew its position in Ferrari by 1.0% during the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock worth $1,225,000 after purchasing an additional 25 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock valued at $251,000 after purchasing an additional 25 shares in the last quarter. Garde Capital Inc. raised its holdings in shares of Ferrari by 5.0% in the fourth quarter. Garde Capital Inc. now owns 525 shares of the company’s stock worth $223,000 after buying an additional 25 shares during the last quarter. Finally, Addison Advisors LLC lifted its stake in shares of Ferrari by 13.6% during the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after buying an additional 26 shares during the period.

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.