Ferrari (NYSE:RACE) Trading 0.9% Higher – Here’s What Happened

Shares of Ferrari (NYSE:RACE) shot up 0.9% during mid-day trading on Wednesday . The stock traded as high as $446.58 and last traded at $445.22. 57,777 shares were traded during mid-day trading, a decline of 80% from the average session volume of 282,525 shares. The stock had previously closed at $441.25.

Analyst Upgrades and Downgrades

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

Ferrari Trading Up 2.0 %

The stock has a market capitalization of $109.09 billion, a price-to-earnings ratio of 49.13, a PEG ratio of 4.43 and a beta of 0.94. The business has a 50-day moving average of $452.75 and a 200-day moving average of $456.16. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

Several institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC boosted its stake in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after buying an additional 2,636,869 shares during the period. Norges Bank purchased a new position in shares of Ferrari in the 4th quarter valued at approximately $697,226,000. Price T Rowe Associates Inc. MD grew its stake 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 last quarter. Barclays PLC increased its stake in Ferrari by 198.0% in the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after buying an additional 567,407 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of 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 acquiring an additional 520,337 shares during the period.

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.