Ferrari (NYSE:RACE) Stock Price Down 1.8% – Here’s What Happened

Ferrari (NYSE:RACE) traded down 1.8% on Tuesday . The stock traded as low as $446.71 and last traded at $445.84. 78,654 shares changed hands during trading, a decline of 72% from the average session volume of 284,108 shares. The stock had previously closed at $454.20.

Analyst Upgrades and Downgrades

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

Ferrari Trading Down 1.4 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company has a market capitalization of $108.54 billion, a PE ratio of 48.94, a PEG ratio of 4.43 and a beta of 0.94. The stock has a fifty day moving average of $454.94 and a 200 day moving average of $455.09.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This represents a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is 5.63%.

Hedge Funds Weigh In On Ferrari

Several institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC boosted its holdings in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. Norges Bank purchased a new stake in shares of Ferrari in the fourth quarter worth about $697,226,000. Price T Rowe Associates Inc. MD boosted its stake in Ferrari by 49.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock valued at $763,125,000 after buying an additional 594,547 shares during the last quarter. Barclays PLC boosted its stake in Ferrari by 198.0% during the fourth quarter. Barclays PLC now owns 853,971 shares of the company’s stock valued at $362,802,000 after buying an additional 567,407 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company’s stock valued at $579,561,000 after buying an additional 520,337 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.