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

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

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Down 1.8 %

The firm has a market capitalization of $105.70 billion, a PE ratio of 47.66, a PEG ratio of 4.43 and a beta of 0.94. The company has a fifty day simple moving average of $456.03 and a two-hundred day simple moving average of $454.00. 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 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 dividend of $3.1265 per share. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is 5.63%.

Institutional Investors Weigh In On Ferrari

Hedge funds have recently made changes to their positions in the stock. Sapient Capital LLC lifted its stake in shares of Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Ferrari by 14.0% during the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after purchasing an additional 3,308 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in shares of Ferrari during the 4th quarter worth $3,371,000. Allworth Financial LP lifted its stake in shares of Ferrari by 35.1% during the 4th quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after purchasing an additional 38,356 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.