Ferrari (NYSE:RACE) Trading 0.5% Higher – Here’s Why

Shares of Ferrari (NYSE:RACE) traded up 0.5% during mid-day trading on Tuesday . The company traded as high as $443.44 and last traded at $439.29. 112,548 shares changed hands during trading, a decline of 60% from the average session volume of 281,723 shares. The stock had previously closed at $437.08.

Wall Street Analysts Forecast Growth

RACE has been the subject of several analyst reports. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Trading Down 2.2 %

The firm has a 50-day moving average price of $453.26 and a 200-day moving average price of $456.12. 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 stock has a market capitalization of $106.73 billion, a PE ratio of 48.12, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business 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. This is an increase 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 currently 5.63%.

Institutional Investors Weigh In On Ferrari

A number of hedge funds have recently modified their holdings of RACE. Assetmark Inc. increased its position in Ferrari by 11.1% in the third quarter. Assetmark Inc. now owns 1,550 shares of the company’s stock worth $729,000 after buying an additional 155 shares during the last quarter. Axxcess Wealth Management LLC increased its holdings in Ferrari by 20.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 601 shares of the company’s stock worth $283,000 after acquiring an additional 101 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Ferrari in the 3rd quarter valued at about $33,000. Apollon Wealth Management LLC raised its stake in Ferrari by 7.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,002 shares of the company’s stock valued at $471,000 after acquiring an additional 69 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Ferrari by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 136,591 shares of the company’s stock valued at $64,213,000 after purchasing an additional 2,374 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.