Ferrari (NYSE:RACE) Stock Price Down 1% - Here's Why

Ferrari (NYSE:RACE - Get Free Report) dropped 1% on Thursday . The stock 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.

Analyst Ratings Changes

Several research analysts have commented on the stock. 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, March 27th. UBS Group decreased their price target on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating on the stock. Finally, Kepler Capital Markets upgraded Ferrari from a "hold" rating to a "buy" rating in a report on Friday, March 28th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $490.29.

Ferrari Trading Down 4.0 %

The stock has a market cap of $96.58 billion, a PE ratio of 43.55, a price-to-earnings-growth ratio of 4.43 and a beta of 1.03. The firm has a 50-day moving average price of $455.45 and a 200-day moving average price of $450.92. 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 company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be paid a $3.1265 dividend. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Ferrari's previous annual dividend of $2.44. Ferrari's dividend payout ratio is currently 5.63%.

Hedge Funds Weigh In On Ferrari

A number of hedge funds have recently added to or reduced their stakes in RACE. Norges Bank bought a new position in shares of Ferrari during the fourth quarter valued at $697,226,000. Price T Rowe Associates Inc. MD lifted its stake in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock valued at $763,125,000 after acquiring an additional 594,547 shares during the period. Barclays PLC grew its stake in shares of Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company's stock worth $362,802,000 after acquiring an additional 567,407 shares during the period. Marshall Wace LLP raised its holdings in shares of Ferrari by 62.1% during the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company's stock valued at $579,561,000 after purchasing an additional 520,337 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in Ferrari by 380.7% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company's stock valued at $107,770,000 after purchasing an additional 192,694 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.