Ferrari (NYSE:RACE) Trading Down 1.4% – Here’s What Happened

Ferrari (NYSE:RACE) dropped 1.4% on Thursday . The company traded as low as $439.51 and last traded at $443.93. Approximately 87,775 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 282,507 shares. The stock had previously closed at $450.35.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RACE shares. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating for the company. Finally, Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

The company has a 50 day moving average of $454.38 and a 200-day moving average of $455.80. The stock has a market capitalization of $108.93 billion, a P/E ratio of 49.12, a PEG ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. The ex-dividend date is Wednesday, April 23rd. This is a boost from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Hedge Funds Weigh In On Ferrari

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Ferrari by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after buying an additional 45,754 shares during the period. Jennison Associates LLC increased its position in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after buying an additional 2,636,869 shares during the period. Bank of Italy increased its position in Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after buying an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD increased its position in Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after buying an additional 594,547 shares during the period. Finally, Norges Bank acquired a new stake in Ferrari in the fourth quarter worth $697,226,000.

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.