Ferrari (NYSE:RACE) Trading Up 1.8% – Here’s What Happened

Ferrari (NYSE:RACE)’s share price rose 1.8% during mid-day trading on Friday . The company traded as high as $449.70 and last traded at $448.38. Approximately 54,524 shares changed hands during trading, a decline of 81% from the average daily volume of 283,388 shares. The stock had previously closed at $440.66.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Up 2.0 %

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 firm has a market capitalization of $108.93 billion, a P/E ratio of 49.12, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a 50 day simple moving average of $454.38 and a two-hundred day simple moving average of $455.56.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hanson & Doremus Investment Management purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $26,000. Park Square Financial Group LLC purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $32,000. Armstrong Advisory Group Inc. raised its holdings 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. Kestra Investment Management LLC purchased a new stake in shares of Ferrari during the 4th quarter worth approximately $45,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Ferrari during the 3rd quarter worth approximately $47,000.

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.