Ferrari (NYSE:RACE) Hits New 12-Month High – Here’s Why

Ferrari (NYSE:RACE) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $509.13 and last traded at $504.95, with a volume of 283646 shares changing hands. The stock had previously closed at $499.22.

Wall Street Analyst Weigh In

RACE has been the subject of a number of analyst reports. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. UBS Group upped their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

The company’s 50-day moving average price is $447.27 and its two-hundred day moving average price is $456.36. The company has a market cap of $123.08 billion, a P/E ratio of 55.19, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95. 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 firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a boost from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Institutional Investors Weigh In On Ferrari

Several large investors have recently modified their holdings of the stock. HBK Sorce Advisory LLC raised its position in shares of Ferrari by 3.6% during the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock worth $266,000 after purchasing an additional 22 shares during the period. Elite Wealth Management Inc. increased 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 purchasing an additional 25 shares in the last quarter. Citizens Financial Group Inc. RI lifted its stake in Ferrari by 4.4% during the fourth quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock valued at $251,000 after buying an additional 25 shares in the last quarter. Garde Capital Inc. boosted 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 period. Finally, Addison Advisors LLC boosted its holdings in shares of Ferrari by 13.6% in 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.