Ferrari (NYSE:RACE) Shares Down 0.9% - Here's Why

Ferrari (NYSE:RACE - Get Free Report)'s stock price traded down 0.9% during trading on Friday . The company traded as low as $422.46 and last traded at $427.27. 577,776 shares changed hands during trading, an increase of 86% from the average session volume of 311,178 shares. The stock had previously closed at $431.23.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They issued a "hold" rating for the company. JPMorgan Chase & Co. dropped 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. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. StockNews.com upgraded Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Finally, Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and an average target price of $490.29.

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Ferrari Price Performance

The stock has a market capitalization of $96.59 billion, a PE ratio of 43.55, a P/E/G 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. The stock's 50-day moving average is $454.78 and its 200 day moving average is $450.39.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in Ferrari by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company's stock valued at $4,412,000 after buying an additional 1,864 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in Ferrari during the third quarter worth about $298,000. IHT Wealth Management LLC raised its position in shares of Ferrari by 68.2% during the 3rd quarter. IHT Wealth Management LLC now owns 1,014 shares of the company's stock worth $471,000 after purchasing an additional 411 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Ferrari by 0.3% in the third quarter. Stifel Financial Corp now owns 57,859 shares of the company's stock valued at $27,202,000 after acquiring an additional 187 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new position in Ferrari in the 3rd quarter valued at about $335,000.

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.