Ferrari (NYSE:RACE) Short Interest Up 21.6% in February

Ferrari (NYSE:RACE) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,520,000 shares, a growth of 21.6% from the February 13th total of 1,250,000 shares. Based on an average daily volume of 354,800 shares, the short-interest ratio is presently 4.3 days. Approximately 1.2% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RACE. Hanson & Doremus Investment Management acquired a new position in Ferrari during the fourth quarter worth $26,000. Park Square Financial Group LLC purchased a new position in Ferrari in the fourth quarter valued at about $32,000. Hobbs Group Advisors LLC acquired a new stake in shares of Ferrari during the 3rd quarter valued at approximately $47,000. Armstrong Advisory Group Inc. boosted its stake in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Ferrari in the 4th quarter worth approximately $45,000.

Ferrari Stock Performance

Shares of NYSE RACE traded down $8.01 during mid-day trading on Tuesday, hitting $446.19. 318,073 shares of the company were exchanged, compared to its average volume of 285,262. The stock has a 50 day simple moving average of $455.30 and a 200-day simple moving average of $454.73. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13. 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 firm has a market cap of $108.15 billion, a price-to-earnings ratio of 48.76, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

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 paid a $3.1265 dividend. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report 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 research report on Wednesday, February 5th. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

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.