Ferrari (NYSE:RACE) Stock Price Down 2.6% – Here’s What Happened

Ferrari (NYSE:RACE) shares traded down 2.6% during trading on Wednesday . The company traded as low as $420.79 and last traded at $422.90. 129,784 shares changed hands during trading, a decline of 55% from the average session volume of 287,998 shares. The stock had previously closed at $433.98.

Analysts Set New Price Targets

Several research firms have recently weighed in on RACE. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Down 5.0 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a fifty day simple moving average of $456.62 and a 200-day simple moving average of $453.21. The firm has a market cap of $99.88 billion, a P/E ratio of 45.20, 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. Investors of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is currently 5.63%.

Institutional Trading of Ferrari

A number of hedge funds and other institutional investors have recently bought and sold shares of RACE. Thrivent Financial for Lutherans grew its holdings in shares of Ferrari by 63.4% during the third quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock valued at $1,274,000 after buying an additional 1,051 shares during the last quarter. Prospera Financial Services Inc bought a new position in Ferrari in the 3rd quarter valued at about $257,000. Charles Schwab Investment Management Inc. boosted its stake in Ferrari by 24.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock valued at $4,412,000 after purchasing an additional 1,864 shares during the last quarter. Cerity Partners LLC boosted its stake in Ferrari by 14.0% during the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after purchasing an additional 3,308 shares during the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in Ferrari by 0.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 7,638 shares of the company’s stock worth $3,591,000 after purchasing an additional 52 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.