Ferrari (NYSE:RACE) Stock Price Up 1.6% - Here's Why

Ferrari (NYSE:RACE - Get Free Report)'s share price rose 1.6% during mid-day trading on Wednesday . The company traded as high as $437.55 and last traded at $437.59. Approximately 142,837 shares traded hands during trading, a decline of 53% from the average daily volume of 306,897 shares. The stock had previously closed at $430.61.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RACE shares. StockNews.com upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Wednesday, March 12th. Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. JPMorgan Chase & Co. cut their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a research report on Thursday, February 6th. They issued a "hold" rating for the company. Finally, Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company 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 $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. The business has a fifty day simple moving average of $455.81 and a 200 day simple moving average of $451.40. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hanson & Doremus Investment Management bought a new stake in Ferrari during the fourth quarter worth $26,000. Park Square Financial Group LLC bought a new stake in shares of Ferrari during the 4th quarter worth $32,000. Armstrong Advisory Group Inc. boosted its holdings in shares of Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company's stock worth $42,000 after buying an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new position in Ferrari during the fourth quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Ferrari during the third quarter worth about $47,000.

About Ferrari

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.