Ferrari (NYSE:RACE) Short Interest Up 34.0% in March

Ferrari (NYSE:RACE - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 2,050,000 shares, an increase of 34.0% from the March 15th total of 1,530,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 490,500 shares, the days-to-cover ratio is presently 4.2 days.

Ferrari Stock Performance

RACE traded down $5.65 during trading on Wednesday, hitting $441.51. The stock had a trading volume of 340,590 shares, compared to its average volume of 328,576. The firm has a market capitalization of $107.01 billion, a P/E ratio of 48.25, a PEG ratio of 4.43 and a beta of 1.03. 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 has a twelve month low of $391.54 and a twelve month high of $509.13. The company's 50-day moving average price is $448.42 and its 200 day moving average price is $447.22.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is a positive change from Ferrari's previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari's payout ratio is 5.63%.

Institutional Investors Weigh In On Ferrari

A number of hedge funds have recently added to or reduced their stakes in the company. Security National Bank acquired a new position in Ferrari during the 1st quarter worth approximately $144,000. Alpine Bank Wealth Management purchased a new position in Ferrari in the first quarter worth $33,000. Bessemer Group Inc. boosted its position in shares of Ferrari by 3.5% during the 1st quarter. Bessemer Group Inc. now owns 8,885 shares of the company's stock worth $3,802,000 after purchasing an additional 304 shares in the last quarter. Independent Solutions Wealth Management LLC boosted its position in shares of Ferrari by 1.7% during the 1st quarter. Independent Solutions Wealth Management LLC now owns 3,730 shares of the company's stock worth $1,596,000 after purchasing an additional 63 shares in the last quarter. Finally, Bank of Italy grew its stake in shares of Ferrari by 2.9% during the 1st quarter. Bank of Italy now owns 2,407,271 shares of the company's stock worth $1,021,078,000 after purchasing an additional 67,651 shares during the period.

Analyst Ratings Changes

Several research firms have recently weighed in on RACE. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research report on Friday, March 28th. JPMorgan Chase & Co. decreased their price objective on Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. UBS Group cut their target price on shares of Ferrari from $584.00 to $520.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $481.60.

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.