Ferrari (NYSE:RACE) Stock Price Down 1.3% - Here's What Happened

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RACE. JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock 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 on the stock in a research note on Tuesday. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Wednesday, March 12th. Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. Finally, Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Ferrari has an average rating of "Moderate Buy" and an average target price of $490.29.

Ferrari Price 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 company has a 50-day moving average price of $455.78 and a 200-day moving average price of $451.54. The firm has a market capitalization of $104.54 billion, a P/E ratio of 47.14, 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 a positive change from Ferrari's previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari's payout ratio is presently 5.63%.

Institutional Trading of Ferrari

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

Ferrari Company Profile

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.