Ferrari (NYSE:RACE) Stock Price Down 1.3% – Should You Sell?

Ferrari (NYSE:RACE) shares traded down 1.3% during mid-day trading on Monday . The company traded as low as $423.40 and last traded at $424.22. 125,711 shares were traded during mid-day trading, a decline of 59% from the average session volume of 304,485 shares. The stock had previously closed at $429.71.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RACE. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. JPMorgan Chase & Co. reduced their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $498.86.

Ferrari Price Performance

The stock has a market capitalization of $104.40 billion, a price-to-earnings ratio of 47.08, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company’s 50 day moving average is $455.66 and its 200 day moving average is $451.63.

Ferrari Increases Dividend

The company also recently declared 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 represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio (DPR) is currently 5.63%.

Institutional Investors Weigh In On Ferrari

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management acquired a new position in shares of Ferrari in the 4th quarter valued at $26,000. Park Square Financial Group LLC purchased a new position in Ferrari during the 4th quarter worth $32,000. Armstrong Advisory Group Inc. increased its stake in Ferrari by 100.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the period. Kestra Investment Management LLC purchased a new stake in shares of Ferrari in the fourth quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Ferrari during the third quarter worth about $47,000.

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.