StockNews.com Lowers Ferrari (NYSE:RACE) to Hold

StockNews.com downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research report released on Wednesday.

RACE has been the subject of a number of other research reports. Barclays lowered Ferrari from an overweight rating to an equal weight rating in a research report on Thursday, April 4th. Sanford C. Bernstein boosted their price target on Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a research report on Thursday, April 18th. Citigroup lowered Ferrari from a neutral rating to a sell rating in a research report on Monday, March 4th. Morgan Stanley reiterated an overweight rating and set a $400.00 price target on shares of Ferrari in a research report on Monday, April 22nd. Finally, Evercore ISI boosted their price target on Ferrari from $430.00 to $465.00 and gave the stock an outperform rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $413.86.

Ferrari Price Performance

Shares of RACE opened at $422.46 on Wednesday. The stock has a fifty day moving average price of $420.26 and a 200 day moving average price of $371.06. 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 12 month low of $273.39 and a 12 month high of $442.80.

Ferrari (NYSE:RACE) last announced 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 company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.61 billion. As a group, sell-side analysts anticipate that Ferrari will post 8.31 EPS for the current fiscal year.

Ferrari Dividend Announcement

The company also recently disclosed an annual dividend, which will be paid on Friday, May 3rd. Stockholders 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 Investors Weigh In On Ferrari

Several hedge funds have recently modified their holdings of RACE. Jamison Private Wealth Management Inc. purchased a new stake in shares of Ferrari during the fourth quarter valued at $27,000. IAG Wealth Partners LLC purchased a new stake in shares of Ferrari during the first quarter valued at $33,000. Register Financial Advisors LLC purchased a new stake in shares of Ferrari during the first quarter valued at $33,000. Householder Group Estate & Retirement Specialist LLC lifted its holdings in shares of Ferrari by 320.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock valued at $35,000 after purchasing an additional 80 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock valued at $38,000 after purchasing an additional 30 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.