Ferrari (NYSE:RACE) Trading Down 1.6% – Here’s What Happened

Ferrari (NYSE:RACE)’s share price dropped 1.6% during mid-day trading on Monday . The stock traded as low as $442.65 and last traded at $442.33. Approximately 107,917 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 280,831 shares. The stock had previously closed at $449.56.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Trading Down 2.7 %

The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $105.99 billion, a PE ratio of 47.79, a P/E/G ratio of 4.43 and a beta of 0.94. The stock has a 50 day moving average price of $452.18 and a 200-day moving average price of $456.73.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its holdings in Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. Norges Bank bought a new position in shares of Ferrari in the fourth quarter worth about $697,226,000. Price T Rowe Associates Inc. MD lifted its position in shares of Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares in the last quarter. Barclays PLC grew its stake in shares of Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after acquiring an additional 567,407 shares during the period. Finally, Marshall Wace LLP increased its holdings in Ferrari by 62.1% in the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after acquiring an additional 520,337 shares in the last quarter.

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.