Ferrari (NYSE:RACE) Sees Strong Trading Volume – Still a Buy?

Ferrari (NYSE:RACE) saw an uptick in trading volume on Thursday . 587,195 shares traded hands during mid-day trading, an increase of 100% from the previous session’s volume of 293,915 shares.The stock last traded at $419.65 and had previously closed at $413.73.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RACE. JPMorgan Chase & Co. cut their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Stock Performance

The firm has a market capitalization of $102.01 billion, a PE ratio of 46.01, a P/E/G ratio of 4.43 and a beta of 0.94. The business has a 50-day simple moving average of $456.26 and a 200-day simple moving average of $452.94. 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 business also recently declared 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%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is presently 5.63%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. HBK Sorce Advisory LLC boosted its stake in shares of Ferrari by 3.6% during the 4th 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. lifted its stake in Ferrari by 1.0% in the third 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 during the last quarter. Citizens Financial Group Inc. RI boosted its position in shares of 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 during the period. Garde Capital Inc. grew its stake in shares of Ferrari by 5.0% during the fourth quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after buying an additional 25 shares during the last quarter. Finally, PDS Planning Inc grew its stake in shares of Ferrari by 4.8% during the fourth quarter. PDS Planning Inc now owns 589 shares of the company’s stock valued at $250,000 after buying 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.