Ferrari (NYSE:RACE) Trading 1.3% Higher – Still a Buy?

Ferrari (NYSE:RACE)’s stock price shot up 1.3% on Friday . The company traded as high as $438.67 and last traded at $432.17. 311,193 shares were traded during mid-day trading, an increase of 4% from the average session volume of 298,050 shares. The stock had previously closed at $426.82.

Analyst Ratings Changes

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

Ferrari Stock Performance

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 stock has a market cap of $104.21 billion, a P/E ratio of 46.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm’s 50-day moving average is $456.00 and its two-hundred day moving average is $452.36.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Institutional investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. bought a new position in shares of Ferrari in the 4th quarter valued at approximately $853,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ferrari by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock worth $4,307,000 after buying an additional 755 shares during the period. Sapient Capital LLC grew its stake in Ferrari by 1.0% in the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock valued at $28,737,000 after buying an additional 653 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. bought a new position in Ferrari in the 4th quarter worth $3,371,000. Finally, Allworth Financial LP lifted its position in Ferrari by 35.1% during the 4th quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after acquiring an additional 85 shares during the last quarter.

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.