Ferrari (NYSE:RACE) Trading Up 1.2% – Time to Buy?

Ferrari (NYSE:RACE)’s share price shot up 1.2% during mid-day trading on Wednesday . The company traded as high as $452.00 and last traded at $451.83. 49,341 shares were traded during mid-day trading, a decline of 83% from the average session volume of 284,302 shares. The stock had previously closed at $446.43.

Wall Street Analysts Forecast Growth

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

Ferrari Stock Performance

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 cap of $109.66 billion, a price-to-earnings ratio of 49.42, a PEG ratio of 4.43 and a beta of 0.94. The firm’s 50-day moving average price is $455.30 and its 200 day moving average price is $454.73.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RACE. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the fourth quarter worth $26,000. Park Square Financial Group LLC bought a new position in Ferrari during the fourth quarter worth about $32,000. Armstrong Advisory Group Inc. grew its position in shares of Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after buying an additional 50 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Ferrari in the 4th quarter valued at about $45,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Ferrari in the 3rd quarter valued at about $47,000.

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.