Ferrari (NYSE:RACE) Shares Down 1.7% – Here’s Why

Ferrari (NYSE:RACE)’s share price traded down 1.7% during trading on Friday . The company traded as low as $433.45 and last traded at $436.57. 99,941 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 285,029 shares. The stock had previously closed at $444.03.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Performance

The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The stock has a market cap of $105.97 billion, a P/E ratio of 47.78, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm’s 50-day moving average is $455.90 and its two-hundred day moving average is $454.65.

Ferrari Increases Dividend

The business also recently disclosed 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 represents a dividend yield of 0.5%. This is an increase 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

A number of large investors have recently added to or reduced their stakes in RACE. Hanson & Doremus Investment Management bought a new stake in shares of Ferrari during the 4th quarter worth $26,000. Park Square Financial Group LLC acquired a new stake in shares of Ferrari in the fourth quarter worth $32,000. Armstrong Advisory Group Inc. grew its stake in shares of Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new position in Ferrari during the fourth quarter worth $45,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ferrari during the 3rd quarter valued at $47,000.

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.