Ferrari (NYSE:RACE) Price Target Raised to $512.00

Ferrari (NYSE:RACE) had its price target boosted by Bank of America from $458.00 to $512.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently commented on RACE. Citigroup downgraded shares of Ferrari from a neutral rating to a sell rating in a research note on Monday, March 4th. HSBC downgraded shares of Ferrari from a buy rating to a hold rating in a research note on Wednesday, December 13th. StockNews.com upgraded shares of Ferrari from a hold rating to a buy rating in a research note on Friday, March 22nd. UBS Group raised their price target on shares of Ferrari from $413.00 to $448.00 and gave the stock a buy rating in a research report on Friday, February 2nd. Finally, Barclays downgraded shares of Ferrari from an overweight rating to an equal weight rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $363.57.

Ferrari Stock Performance

Ferrari stock opened at $410.40 on Wednesday. Ferrari has a 52-week low of $272.70 and a 52-week high of $442.80. The firm has a fifty day moving average of $413.95 and a 200-day moving average of $362.80. 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 released its quarterly earnings data on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.61 billion. As a group, analysts predict that Ferrari will post 8.31 EPS for the current year.

Ferrari Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be issued a $2.443 dividend. The ex-dividend date is Monday, April 22nd. This represents a dividend yield of 0.62%.

Institutional Trading of Ferrari

A number of large investors have recently modified their holdings of RACE. Norges Bank acquired a new stake in shares of Ferrari in the 4th quarter worth about $572,523,000. Legal & General Group Plc increased its stake in Ferrari by 8,986.8% during the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after buying an additional 993,044 shares during the period. Bank of America Corp DE increased its stake in Ferrari by 139.6% during the 1st quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock valued at $254,563,000 after buying an additional 547,356 shares during the period. Alphinity Investment Management Pty Ltd acquired a new position in Ferrari during the 3rd quarter valued at about $157,620,000. Finally, Nuveen Asset Management LLC acquired a new position in Ferrari during the 4th quarter valued at about $176,281,000.

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.