Ferrari (NYSE:RACE) Shares Down 1.7% – Here’s What Happened

Ferrari (NYSE:RACE)’s stock price dropped 1.7% on Friday . The stock traded as low as $433.45 and last traded at $436.57. Approximately 99,941 shares were traded during trading, a decline of 65% from the average daily volume of 285,029 shares. The stock had previously closed at $444.03.

Analysts Set New Price Targets

RACE has been the subject of a number of recent research reports. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Trading Down 1.5 %

The firm has a market cap of $105.97 billion, a P/E ratio of 47.78, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. 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 company’s fifty day moving average price is $455.90 and its two-hundred day moving average price is $454.65.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RACE. Norges Bank acquired a new position in Ferrari in the fourth quarter worth $697,226,000. Price T Rowe Associates Inc. MD grew its holdings in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after acquiring an additional 594,547 shares during the last quarter. Barclays PLC raised its stake in shares of Ferrari by 198.0% in the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock worth $362,802,000 after acquiring an additional 567,407 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Ferrari by 62.1% during the fourth quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock worth $579,561,000 after purchasing an additional 520,337 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Ferrari by 380.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 243,306 shares of the company’s stock valued at $107,770,000 after purchasing an additional 192,694 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.