Ferrari (NYSE:RACE) Receives $507.14 Average PT from Brokerages

Ferrari (NYSE:RACE) has earned an average recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $497.86.

A number of analysts have commented on RACE shares. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. dropped their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating on the stock.

Hedge Funds Weigh In On Ferrari

Institutional investors have recently bought and sold shares of the stock. Hanson & Doremus Investment Management purchased a new stake in Ferrari during the fourth quarter valued at about $26,000. Park Square Financial Group LLC purchased a new stake in shares of Ferrari in the 4th quarter valued at approximately $32,000. Armstrong Advisory Group Inc. boosted 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 purchasing an additional 50 shares during the period. Kestra Investment Management LLC acquired a new position in Ferrari in the 4th quarter worth approximately $45,000. Finally, Hobbs Group Advisors LLC purchased a new position in Ferrari during the 3rd quarter worth approximately $47,000.

Ferrari Stock Performance

Shares of RACE opened at $429.93 on Monday. The firm has a market capitalization of $104.21 billion, a PE ratio of 46.99, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $456.00 and a 200 day moving average price of $452.46. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. This is an increase from Ferrari’s previous annual dividend of $2.44. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio is currently 5.63%.

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.