Ferrari (NYSE:RACE) Stock Price Up 0.5% – Here’s Why

Ferrari (NYSE:RACE)’s share price shot up 0.5% during trading on Tuesday . The company traded as high as $443.44 and last traded at $439.29. 112,548 shares were traded during mid-day trading, a decline of 60% from the average session volume of 281,723 shares. The stock had previously closed at $437.08.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Finally, Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

The firm has a market capitalization of $106.73 billion, a P/E ratio of 48.12, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business has a 50 day simple moving average of $453.26 and a two-hundred day simple moving average of $456.12.

Ferrari Increases Dividend

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

Institutional Investors Weigh In On Ferrari

Several hedge funds have recently bought and sold shares of RACE. Jennison Associates LLC raised its position in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares in the last quarter. Norges Bank bought a new position in Ferrari in the fourth quarter valued at $697,226,000. Price T Rowe Associates Inc. MD raised its position in Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after purchasing an additional 594,547 shares in the last quarter. Barclays PLC raised its position in Ferrari by 198.0% during the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after purchasing an additional 567,407 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Ferrari by 62.1% during the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after purchasing an additional 520,337 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.