Ferrari (NYSE:RACE) Shares Up 1.4% – Time to Buy?

Ferrari (NYSE:RACE)’s stock price was up 1.4% during trading on Thursday . The stock traded as high as $424.26 and last traded at $419.50. Approximately 824,573 shares were traded during trading, an increase of 180% from the average daily volume of 294,564 shares. The stock had previously closed at $413.73.

Analysts Set New Price Targets

RACE has been the subject of several research analyst reports. JPMorgan Chase & Co. dropped their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. Finally, Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $497.86.

Ferrari Price Performance

The company’s 50 day simple moving average is $456.00 and its 200 day simple moving average is $452.46. 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 stock has a market capitalization of $104.21 billion, a PE ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

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

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.