Ferrari (NYSE:RACE) Trading Down 1% – Here’s What Happened

Shares of Ferrari (NYSE:RACE) were down 1% on Thursday . The company traded as low as $434.30 and last traded at $434.30. Approximately 263,525 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 308,565 shares. The stock had previously closed at $438.54.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. UBS Group decreased their price objective on Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $490.29.

Ferrari Stock Down 3.9 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The stock’s fifty day simple moving average is $455.45 and its two-hundred day simple moving average is $451.05. The company has a market capitalization of $100.47 billion, a price-to-earnings ratio of 45.30, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The firm also recently announced 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%. This is a boost 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. HBK Sorce Advisory LLC grew its holdings in shares of Ferrari by 3.6% in the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock worth $266,000 after acquiring an additional 22 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in Ferrari by 4.4% in the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock worth $251,000 after purchasing an additional 25 shares in the last quarter. Garde Capital Inc. raised its holdings in Ferrari by 5.0% during the 4th quarter. Garde Capital Inc. now owns 525 shares of the company’s stock worth $223,000 after buying an additional 25 shares during the period. PDS Planning Inc lifted its stake in 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 in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Ferrari by 10.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock worth $140,000 after buying an additional 30 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.