Ferrari (NYSE:RACE) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Ferrari (NYSE:RACE) from a hold rating to a buy rating in a research report sent to investors on Thursday morning.

A number of other brokerages also recently issued reports on RACE. Barclays downgraded shares of Ferrari from an overweight rating to an equal weight rating in a report on Thursday, April 4th. Citigroup cut Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. UBS Group increased their target price on Ferrari from $413.00 to $448.00 and gave the company a buy rating in a report on Friday, February 2nd. Morgan Stanley reaffirmed an overweight rating and set a $400.00 price target on shares of Ferrari in a research report on Monday, April 22nd. Finally, Sanford C. Bernstein boosted their target price on shares of Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a research report on Thursday, April 18th. One equities research 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’s stock. According to data from MarketBeat.com, Ferrari has an average rating of Hold and a consensus target price of $413.86.

Ferrari Stock Performance

Shares of RACE opened at $430.16 on Thursday. Ferrari has a twelve month low of $283.20 and a twelve month high of $442.80. The firm has a 50 day moving average of $421.97 and a 200 day moving average of $374.14. 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 quarterly 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 return on equity of 43.84% and a net margin of 21.06%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Analysts predict that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Announces Dividend

The company also recently disclosed an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were issued a dividend of $2.443 per share. The ex-dividend date was Monday, April 22nd. This represents a dividend yield of 0.62%.

Hedge Funds Weigh In On Ferrari

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Ferrari by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after buying an additional 61,132 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Ferrari by 1.0% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock worth $1,437,000 after acquiring an additional 40 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Ferrari by 12.0% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after purchasing an additional 230 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in Ferrari in the 3rd quarter worth about $157,620,000. Finally, Syntal Capital Partners LLC purchased a new stake in Ferrari in the 3rd quarter worth about $511,000.

Ferrari Company Profile

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.