Ferrari (NYSE:RACE) Shares Gap Up - Still a Buy?

Ferrari (NYSE:RACE - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $426.82, but opened at $436.89. Ferrari shares last traded at $434.79, with a volume of 174,324 shares trading hands.

Analyst Ratings Changes

RACE has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced 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. StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating on the stock. Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday. Finally, Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Friday. 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 currently has an average rating of "Moderate Buy" and an average price target of $497.86.

Ferrari Trading Down 0.2 %

The company has a 50-day moving average price of $456.00 and a 200 day moving average price of $452.20. The firm has a market cap of $103.91 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

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Ferrari Increases Dividend

The firm 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 presently 5.63%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. HBK Sorce Advisory LLC raised its holdings in Ferrari by 3.6% during the fourth quarter. HBK Sorce Advisory LLC now owns 626 shares of the company's stock valued at $266,000 after buying an additional 22 shares in the last quarter. Citizens Financial Group Inc. RI lifted its stake in shares of Ferrari by 4.4% in the fourth quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company's stock worth $251,000 after buying an additional 25 shares during the last quarter. Garde Capital Inc. boosted its holdings in shares of Ferrari by 5.0% during the 4th quarter. Garde Capital Inc. now owns 525 shares of the company's stock worth $223,000 after buying an additional 25 shares during the period. PDS Planning Inc grew its stake in Ferrari by 4.8% in the 4th quarter. PDS Planning Inc now owns 589 shares of the company's stock valued at $250,000 after buying an additional 27 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Ferrari by 10.0% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company's stock valued at $140,000 after acquiring an additional 30 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.