Ferrari (NYSE:RACE) Shares Up 1.7% – Still a Buy?

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

Analysts Set New Price Targets

Several research firms have recently weighed in on RACE. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. UBS Group decreased their price objective on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus target price of $490.29.

Ferrari Stock Up 1.8 %

The stock has a market cap of $106.26 billion, a P/E ratio of 47.91, a P/E/G 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. The company has a 50-day simple moving average of $455.78 and a two-hundred day simple moving average of $451.54.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

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