Ferrari (NYSE:RACE) Shares Down 1.3% - Time to Sell?

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RACE shares. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday. JPMorgan Chase & Co. cut 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 target on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a research report on Tuesday. StockNews.com raised shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a "hold" rating on the stock. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $498.86.

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Ferrari Stock Up 0.7 %

The company has a market capitalization of $104.40 billion, a price-to-earnings ratio of 47.08, a P/E/G ratio of 4.43 and a beta of 0.94. The business has a fifty day simple moving average of $455.66 and a two-hundred day simple moving average of $451.63. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The business 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 $3.1265 dividend. This is a positive change from Ferrari's previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari's payout ratio is currently 5.63%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the 4th quarter worth about $26,000. Park Square Financial Group LLC bought a new stake in Ferrari during the fourth quarter worth about $32,000. Hobbs Group Advisors LLC acquired a new stake in shares of Ferrari during the third quarter worth approximately $47,000. Armstrong Advisory Group Inc. raised its stake in shares of 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 acquiring an additional 50 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new position in shares of Ferrari in the 4th quarter worth approximately $45,000.

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.