Ferrari (NYSE:RACE) Trading Down 2.6% – Time to Sell?

Ferrari (NYSE:RACE) traded down 2.6% during trading on Wednesday . The company traded as low as $420.79 and last traded at $422.90. 129,784 shares were traded during trading, a decline of 55% from the average session volume of 287,998 shares. The stock had previously closed at $433.98.

Wall Street Analyst Weigh In

RACE has been the subject of several analyst reports. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research note on Thursday. Two research 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 has an average rating of “Moderate Buy” and an average price target of $497.86.

Ferrari Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The business’s fifty day simple moving average is $456.12 and its 200 day simple moving average is $452.75. The stock has a market cap of $104.21 billion, a price-to-earnings ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders 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 yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s payout ratio is presently 5.63%.

Institutional Trading of Ferrari

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans grew its stake in Ferrari by 63.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 2,709 shares of the company’s stock worth $1,274,000 after buying an additional 1,051 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ferrari by 24.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock valued at $4,412,000 after acquiring an additional 1,864 shares during the period. Townsquare Capital LLC grew its position in shares of Ferrari by 24.8% during the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock worth $2,555,000 after acquiring an additional 1,079 shares during the last quarter. Cynosure Group LLC acquired a new stake in shares of Ferrari in the 3rd quarter worth about $448,000. Finally, CreativeOne Wealth LLC bought a new stake in Ferrari in the 3rd quarter valued at about $1,041,000.

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.