Ferrari (NYSE:RACE) Trading 1.3% Higher – What’s Next?

Ferrari (NYSE:RACE) was up 1.3% on Friday . The company traded as high as $438.67 and last traded at $432.17. Approximately 311,193 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 298,050 shares. The stock had previously closed at $426.82.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating for the company. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Finally, Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Stock Performance

The company’s fifty day moving average is $456.12 and its 200 day moving average is $452.75. 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 company has a market capitalization of $104.19 billion, a P/E ratio of 46.98, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders 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 boost from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. Ferrari’s dividend payout ratio is currently 5.63%.

Hedge Funds Weigh In On Ferrari

Several hedge funds and other institutional investors 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% during the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after acquiring an additional 22 shares during the last quarter. Elite Wealth Management Inc. grew its stake in Ferrari by 1.0% in the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock worth $1,225,000 after buying an additional 25 shares in the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Ferrari by 4.4% in the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock worth $251,000 after buying an additional 25 shares during the last quarter. Garde Capital Inc. raised its position in shares of Ferrari by 5.0% during the 4th quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after buying an additional 25 shares in the last quarter. Finally, PDS Planning Inc lifted its holdings in shares of Ferrari by 4.8% during the 4th quarter. PDS Planning Inc now owns 589 shares of the company’s stock worth $250,000 after acquiring an additional 27 shares during the last quarter.

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.