Ferrari (NYSE:RACE) Hits New 52-Week Low – What’s Next?

Ferrari N.V. (NYSE:RACE)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $322.03 and last traded at $321.1890, with a volume of 18965 shares traded. The stock had previously closed at $330.47.

Wall Street Analyst Weigh In

Several research firms have issued reports on RACE. HSBC restated a “hold” rating on shares of Ferrari in a research report on Tuesday, January 13th. Morgan Stanley set a $420.00 price objective on Ferrari in a research report on Monday, February 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Ferrari in a research report on Wednesday, February 11th. Sanford C. Bernstein reiterated an “outperform” rating and set a $410.00 target price on shares of Ferrari in a research report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ferrari in a report on Monday, December 29th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and a consensus target price of $475.61.

Ferrari Stock Performance

The firm has a market capitalization of $75.21 billion, a PE ratio of 31.87, a PEG ratio of 3.28 and a beta of 0.97. The stock’s 50 day moving average price is $353.20 and its two-hundred day moving average price is $394.90. The company has a current ratio of 5.70, a quick ratio of 4.38 and a debt-to-equity ratio of 0.74.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 21st will be given a dividend of $3.615 per share. This represents a yield of 99.0%. This is an increase from Ferrari’s previous annual dividend of $3.13. The ex-dividend date is Tuesday, April 21st.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Generali Asset Management SPA SGR lifted its holdings in shares of Ferrari by 28.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 55,690 shares of the company’s stock worth $27,022,000 after acquiring an additional 12,485 shares during the period. Rheos Capital Works Inc. increased its position in Ferrari by 33.1% during the third quarter. Rheos Capital Works Inc. now owns 215,200 shares of the company’s stock worth $104,419,000 after purchasing an additional 53,500 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Ferrari by 63.7% during the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after purchasing an additional 1,039,234 shares during the period. Alta Capital Management LLC purchased a new position in Ferrari during the third quarter worth approximately $6,391,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Ferrari in the 3rd quarter valued at $8,995,000.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.