Ferrari (NYSE:RACE) Trading Up 0.9% - Still a Buy?

Ferrari (NYSE:RACE - Get Free Report)'s share price traded up 0.9% during mid-day trading on Friday . The company traded as high as $453.03 and last traded at $450.67. 169,970 shares changed hands during trading, a decline of 39% from the average session volume of 280,024 shares. The stock had previously closed at $446.70.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RACE. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating for the company. Barclays lowered shares of Ferrari from an "overweight" rating to an "equal weight" rating in a report on Wednesday, February 5th. Finally, StockNews.com downgraded Ferrari from a "buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $507.14.

Ferrari Trading Down 2.3 %

The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $106.42 billion, a P/E ratio of 48.04, a P/E/G ratio of 4.43 and a beta of 0.94. The firm's 50-day moving average price is $452.18 and its 200 day moving average price is $456.73.

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Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RACE. QRG Capital Management Inc. bought a new position in Ferrari during the 3rd quarter valued at $267,000. Portside Wealth Group LLC raised its holdings in shares of Ferrari by 14.0% in the third quarter. Portside Wealth Group LLC now owns 602 shares of the company's stock valued at $283,000 after purchasing an additional 74 shares during the last quarter. Verdence Capital Advisors LLC lifted its position in shares of Ferrari by 11.8% during the third quarter. Verdence Capital Advisors LLC now owns 2,277 shares of the company's stock valued at $1,070,000 after purchasing an additional 240 shares in the last quarter. Assetmark Inc. boosted its holdings in Ferrari by 11.1% during the third quarter. Assetmark Inc. now owns 1,550 shares of the company's stock worth $729,000 after purchasing an additional 155 shares during the last quarter. Finally, Lindbrook Capital LLC grew its position in Ferrari by 15.8% in the 3rd quarter. Lindbrook Capital LLC now owns 573 shares of the company's stock worth $269,000 after purchasing an additional 78 shares in the last quarter.

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.