Ferrari (NYSE:RACE) Trading 1.7% Higher – Here’s Why

Ferrari (NYSE:RACE) rose 1.7% on Tuesday . The stock traded as high as $435.40 and last traded at $435.29. Approximately 122,491 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 431,119 shares. The stock had previously closed at $427.88.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a research note on Thursday, February 6th. They set a “hold” rating on the stock. UBS Group decreased their target price on shares of Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. lowered their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $498.86.

Ferrari Stock Performance

The stock has a market capitalization of $104.59 billion, a P/E ratio of 47.12, a PEG ratio of 4.43 and a beta of 0.94. The stock’s 50-day simple moving average is $455.85 and its 200 day simple moving average is $451.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The business 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 dividend of $3.1265 per share. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. This represents a dividend yield of 0.5%. Ferrari’s payout ratio is presently 5.63%.

Institutional Investors Weigh In On Ferrari

Hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC grew its position in shares of Ferrari by 43.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock valued at $1,430,000 after purchasing an additional 1,022 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in Ferrari in the 4th quarter valued at $18,276,000. Park Square Financial Group LLC acquired a new position in Ferrari in the 4th quarter valued at $32,000. Brucke Financial Inc. bought a new position in Ferrari during the 4th quarter worth $502,000. Finally, Jefferies Financial Group Inc. increased its position in Ferrari by 113.4% during the 4th quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company’s stock worth $2,825,000 after buying an additional 56,008 shares during the period.

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.