Ferrari (NYSE:RACE) Trading Down 1.4% – Here’s What Happened

Ferrari (NYSE:RACE) fell 1.4% on Thursday . The stock traded as low as $439.51 and last traded at $443.93. 87,775 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 282,507 shares. The stock had previously closed at $450.35.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RACE. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Trading Up 2.0 %

The business has a fifty day moving average of $454.38 and a 200-day moving average of $455.80. The stock has a market capitalization of $108.93 billion, a price-to-earnings ratio of 49.12, 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 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. Investors of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This is a positive change 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 payout ratio is presently 5.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Ferrari by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after acquiring an additional 45,754 shares during the period. Jennison Associates LLC boosted its position in shares of Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. Bank of Italy boosted its position in shares of Ferrari by 2.8% in the 4th quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after purchasing an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Ferrari by 49.5% in the 4th 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 during the period. Finally, Norges Bank acquired a new position in shares of Ferrari in the 4th quarter valued at $697,226,000.

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.