Ferrari (RACE) To Go Ex-Dividend on April 22nd

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

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

Ferrari Price Performance

Ferrari stock opened at $410.40 on Monday. Ferrari has a fifty-two week low of $272.70 and a fifty-two week high of $442.80. The stock has a 50-day simple moving average of $413.95 and a 200-day simple moving average of $363.87. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98.

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

Analysts Set New Price Targets

Several brokerages have recently commented on RACE. Bank of America increased their price target on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. UBS Group upped their price objective on shares of Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Citigroup lowered shares of Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 22nd. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $363.57.

Institutional Investors Weigh In On Ferrari

Institutional investors and hedge funds have recently bought and sold shares of the stock. Gordian Capital Singapore Pte Ltd bought a new stake in Ferrari in the second quarter valued at $33,000. State of Wyoming purchased a new position in shares of Ferrari during the fourth quarter valued at $38,000. Sunbelt Securities Inc. purchased a new position in shares of Ferrari during the first quarter valued at $39,000. Harbour Investments Inc. grew its stake in Ferrari by 56.2% in the third quarter. Harbour Investments Inc. now owns 189 shares of the company’s stock valued at $56,000 after purchasing an additional 68 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Ferrari by 169.5% in the third quarter. Tower Research Capital LLC TRC now owns 380 shares of the company’s stock valued at $70,000 after purchasing an additional 239 shares during 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.