Ferrari (NYSE:RACE) Shares Gap Up – What’s Next?

Ferrari (NYSE:RACE) 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 trading hands.

Wall Street Analysts Forecast Growth

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

Ferrari Stock Performance

The firm has a fifty day moving average price of $456.00 and a two-hundred day moving average price of $452.36. The stock has a market capitalization of $104.21 billion, a PE ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders 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 dividend yield of 0.5%. Ferrari’s dividend payout ratio is presently 5.63%.

Hedge Funds Weigh In On Ferrari

A number of institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Ferrari by 43.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,367 shares of the company’s stock valued at $1,430,000 after buying an additional 1,022 shares during the period. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Ferrari during the fourth quarter valued at approximately $18,276,000. Park Square Financial Group LLC purchased a new stake in shares of Ferrari during the 4th quarter valued at $32,000. Brucke Financial Inc. acquired a new stake in Ferrari in the fourth quarter worth about $502,000. Finally, Jefferies Financial Group Inc. boosted its stake in Ferrari by 113.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company’s stock worth $2,825,000 after purchasing an additional 56,008 shares in 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.