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

Ferrari (NYSE:RACE) shares traded down 2.6% during mid-day 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.

Wall Street Analyst Weigh In

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

Ferrari Stock Down 5.0 %

The stock’s 50-day moving average price is $456.62 and its two-hundred day moving average price is $453.21. 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 stock has a market capitalization of $99.88 billion, a P/E ratio of 45.20, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a positive change 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 5.63%.

Institutional Trading of Ferrari

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

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.