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

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

Analyst Ratings Changes

RACE has been the topic of several recent analyst reports. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Down 1.8 %

The business has a fifty day moving average price of $456.03 and a two-hundred day moving average price of $454.00. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market capitalization of $105.70 billion, a price-to-earnings ratio of 47.66, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94.

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 represents a yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Institutional Trading of Ferrari

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hanson & Doremus Investment Management acquired a new stake in Ferrari during the fourth quarter worth about $26,000. Park Square Financial Group LLC acquired a new stake in Ferrari during the fourth quarter worth about $32,000. Hobbs Group Advisors LLC acquired a new stake in Ferrari during the third quarter worth about $47,000. Armstrong Advisory Group Inc. grew its holdings in Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the period. Finally, Kestra Investment Management LLC acquired a new stake in Ferrari during the fourth quarter worth about $45,000.

About Ferrari

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.