Brokerages Set Ferrari (NYSE:RACE) PT at $413.86

Ferrari (NYSE:RACE) has been assigned a consensus recommendation of “Hold” from the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $413.86.

Several research firms recently issued reports on RACE. Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a research report on Monday, March 4th. Bank of America increased their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday. Morgan Stanley reaffirmed an “overweight” rating and set a $400.00 target price on shares of Ferrari in a research note on Monday, April 22nd. Finally, Sanford C. Bernstein boosted their price target on shares of Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RACE. Vanguard Group Inc. raised its position in Ferrari by 1.1% during 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. Norges Bank purchased a new stake in Ferrari during the 4th quarter valued at $572,523,000. Bank of New York Mellon Corp lifted its position in Ferrari by 0.3% in the third quarter. Bank of New York Mellon Corp now owns 1,635,501 shares of the company’s stock worth $483,356,000 after buying an additional 5,310 shares during the last quarter. Capital Research Global Investors lifted its position in Ferrari by 0.6% in the fourth quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock worth $431,876,000 after buying an additional 7,451 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Ferrari by 8,986.8% during the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock worth $297,327,000 after buying an additional 993,044 shares during the period.

Ferrari Price Performance

Shares of RACE stock opened at $430.29 on Friday. 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 $283.20 and a one year high of $442.80. The company’s fifty day moving average price is $422.25 and its 200-day moving average price is $375.90.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. As a group, equities research analysts anticipate that Ferrari will post 8.31 EPS for the current year.

Ferrari Dividend Announcement

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

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.