Ferrari (NYSE:RACE) Shares Down 0.9% – Should You Sell?

Shares of Ferrari (NYSE:RACE) dropped 0.9% during trading on Friday . The stock traded as low as $422.46 and last traded at $427.27. Approximately 577,776 shares changed hands during mid-day trading, an increase of 86% from the average daily volume of 311,178 shares. The stock had previously closed at $431.23.

Analyst Upgrades and Downgrades

Several research firms have commented on RACE. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. UBS Group cut their price target on Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $490.29.

Ferrari Stock Performance

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 has a 50-day moving average of $455.45 and a 200-day moving average of $450.97. The company has a market capitalization of $100.47 billion, a P/E ratio of 45.30, a P/E/G ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. 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 dividend yield of 0.5%. Ferrari’s payout ratio is currently 5.63%.

Institutional Trading of Ferrari

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Hanson & Doremus Investment Management purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $26,000. Park Square Financial Group LLC bought a new stake in shares of Ferrari during the 4th quarter worth approximately $32,000. Armstrong Advisory Group Inc. boosted its holdings in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after acquiring an additional 50 shares during the period. Webster Bank N. A. purchased a new position in Ferrari during the 1st quarter valued at $43,000. Finally, Kestra Investment Management LLC bought a new position in Ferrari in the 4th quarter valued at $45,000.

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.