Ferrari (NYSE:RACE) Sees Unusually-High Trading Volume – Here’s Why

Shares of Ferrari (NYSE:RACE) saw unusually-high trading volume on Thursday . 587,195 shares traded hands during mid-day trading, an increase of 100% from the previous session’s volume of 293,915 shares.The stock last traded at $419.65 and had previously closed at $413.73.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RACE shares. JPMorgan Chase & Co. cut their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Trading Up 1.7 %

The stock has a market capitalization of $102.01 billion, a PE ratio of 46.01, a PEG ratio of 4.43 and a beta of 0.94. The stock’s 50 day moving average price is $456.26 and its 200-day moving average price is $452.94. 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 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. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio is currently 5.63%.

Institutional Investors Weigh In On Ferrari

A number of institutional investors and hedge funds have recently bought and sold shares of RACE. Fox Run Management L.L.C. purchased a new stake in shares of Ferrari during the fourth quarter worth about $853,000. Sapient Capital LLC boosted its stake in Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares during the period. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in Ferrari during the 4th quarter valued at approximately $3,371,000. Allworth Financial LP grew its holdings in Ferrari by 35.1% during the 4th quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after buying an additional 85 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Ferrari by 8.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock valued at $4,307,000 after buying an additional 755 shares during 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.