Ferrari (NYSE:RACE) Announces $2.44 Annual Dividend

Ferrari (NYSE:RACE) declared an annual dividend on Saturday, April 13th, investing.com reports. Investors of record on Tuesday, April 23rd will be paid a dividend of 2.443 per share on Friday, May 3rd. This represents a yield of 0.62%. The ex-dividend date is Monday, April 22nd.

Ferrari has increased its dividend by an average of 17.4% per year over the last three years and has increased its dividend annually for the last 3 consecutive years.

Ferrari Stock Down 1.0 %

Shares of NYSE RACE opened at $408.65 on Friday. The company’s fifty day moving average is $416.97 and its two-hundred day moving average is $366.96. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. Ferrari has a one year low of $272.70 and a one year high of $442.80.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.15. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. As a group, equities analysts forecast that Ferrari will post 8.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RACE. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Sanford C. Bernstein increased their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research note on Thursday. Bank of America raised their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. UBS Group upped their price target on shares of Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $393.86.

Institutional Trading of Ferrari

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RACE. Vanguard Group Inc. grew its holdings in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after purchasing an additional 46,938 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Ferrari by 39.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock valued at $468,275,000 after buying an additional 484,782 shares during the period. Norges Bank acquired a new stake in shares of Ferrari during the 4th quarter worth $354,547,000. Alliancebernstein L.P. increased its holdings in shares of Ferrari by 24.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,466,627 shares of the company’s stock worth $476,962,000 after buying an additional 284,169 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Ferrari by 23.3% in the 4th quarter. Legal & General Group Plc now owns 1,238,320 shares of the company’s stock worth $417,534,000 after buying an additional 234,226 shares during the period.

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.