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

Shares of Ferrari (NYSE:RACE) fell 1.8% during trading 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 Ratings Changes

Several research analysts have issued reports on RACE shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Down 1.4 %

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 market cap of $108.54 billion, a PE ratio of 48.94, a PEG ratio of 4.43 and a beta of 0.94. The company’s fifty day moving average is $454.94 and its 200-day moving average is $455.09.

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 paid a $3.1265 dividend. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is 5.63%.

Institutional Trading of Ferrari

A number of hedge funds have recently bought and sold shares of RACE. Sapient Capital LLC grew its stake in shares of Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock valued at $28,737,000 after purchasing an additional 653 shares during the period. Cerity Partners LLC boosted its holdings in shares of Ferrari by 14.0% in the third quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after buying an additional 3,308 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new stake in Ferrari during the fourth quarter valued at approximately $3,371,000. Allworth Financial LP increased its holdings in Ferrari by 35.1% during the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after buying an additional 85 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Ferrari by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock worth $684,888,000 after acquiring an additional 38,356 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.