Ferrari (NYSE:RACE) Shares Gap Up – Still a Buy?

Ferrari (NYSE:RACE) shares gapped up before the market opened on Friday . The stock had previously closed at $426.82, but opened at $436.89. Ferrari shares last traded at $434.79, with a volume of 174,324 shares.

Wall Street Analyst Weigh In

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

Ferrari Trading Up 1.7 %

The business has a fifty day moving average of $456.12 and a two-hundred day moving average of $452.75. The firm has a market cap of $105.25 billion, a price-to-earnings ratio of 47.50, a PEG ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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

Institutional Investors Weigh In On Ferrari

A number of large investors have recently added to or reduced their stakes in RACE. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari in the fourth quarter valued at approximately $26,000. Park Square Financial Group LLC acquired a new stake in Ferrari during the 4th quarter valued at $32,000. Armstrong Advisory Group Inc. raised its holdings in shares of Ferrari by 100.0% in 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 last quarter. Kestra Investment Management LLC acquired a new position in shares of Ferrari in the fourth quarter worth $45,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Ferrari during the third quarter valued at $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.