Ferrari (NYSE:RACE) Shares Down 2.6% - What's Next?

Ferrari (NYSE:RACE - Get Free Report)'s stock price was down 2.6% during mid-day trading on Wednesday . The company traded as low as $420.79 and last traded at $422.90. Approximately 129,784 shares traded hands during trading, a decline of 55% from the average daily volume of 287,998 shares. The stock had previously closed at $433.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RACE shares. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and an average target price of $497.86.

Ferrari Stock Performance

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 business's 50-day moving average is $456.00 and its 200-day moving average is $452.46. The company has a market capitalization of $104.21 billion, a PE ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94.

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 given a dividend of $3.1265 per share. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari's previous annual dividend of $2.44. Ferrari's dividend payout ratio (DPR) is 5.63%.

Institutional Investors Weigh In On Ferrari

Several hedge funds have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. bought a new position in Ferrari in the 4th quarter worth about $853,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Ferrari by 8.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company's stock worth $4,307,000 after buying an additional 755 shares in the last quarter. Sapient Capital LLC grew its holdings in shares of Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company's stock valued at $28,737,000 after buying an additional 653 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Ferrari during the fourth quarter valued at approximately $3,371,000. Finally, Allworth Financial LP raised its holdings in Ferrari by 35.1% in the 4th quarter. Allworth Financial LP now owns 327 shares of the company's stock worth $141,000 after acquiring an additional 85 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.