Ferrari (NYSE:RACE) Cut to “Hold” at StockNews.com

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

Other equities research analysts have also issued reports about the stock. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Finally, UBS Group upped their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Price Performance

Shares of RACE opened at $446.57 on Tuesday. The firm has a market cap of $108.24 billion, a PE ratio of 48.81, a P/E/G ratio of 4.43 and a beta of 0.95. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $451.82 and a two-hundred day simple moving average of $457.04. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13.

Ferrari Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be given a $3.1265 dividend. This is a positive change from Ferrari’s previous annual dividend of $2.44. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. Ferrari’s dividend payout ratio is 5.63%.

Institutional Trading of Ferrari

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new stake in Ferrari in the 4th quarter worth about $26,000. Planning Capital Management Corp purchased a new stake in Ferrari in the 3rd quarter worth about $30,000. Park Square Financial Group LLC purchased a new stake in Ferrari in the 4th quarter worth about $32,000. Ashton Thomas Securities LLC purchased a new stake in Ferrari in the 3rd quarter worth about $33,000. Finally, Armstrong Advisory Group Inc. grew its stake in Ferrari by 100.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares in 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.