Ferrari (NYSE:RACE) Stock Price Down 1% – Time to Sell?

Ferrari (NYSE:RACE)’s stock price was down 1% during mid-day trading on Thursday . The stock traded as low as $434.30 and last traded at $434.30. Approximately 263,525 shares changed hands during trading, a decline of 15% from the average daily volume of 308,565 shares. The stock had previously closed at $438.54.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RACE. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. UBS Group lowered their target price on Ferrari from $584.00 to $520.00 and set a “buy” rating on the stock in a research note on Tuesday. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $490.29.

Ferrari Price Performance

The stock has a 50 day moving average of $455.45 and a two-hundred day moving average of $451.05. 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 firm has a market capitalization of $100.47 billion, a P/E ratio of 45.30, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

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

Institutional Trading of Ferrari

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Ferrari by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock worth $2,002,581,000 after acquiring an additional 45,754 shares during the period. Bank of Italy increased its stake in shares of Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock worth $1,002,392,000 after purchasing an additional 63,675 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of 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 purchasing an additional 594,547 shares during the last quarter. Norges Bank bought a new stake in Ferrari during the 4th quarter valued at approximately $697,226,000. Finally, Bank of New York Mellon Corp grew its holdings in Ferrari by 2.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after buying an additional 38,356 shares during 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.