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

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

Several other equities research analysts have also issued reports on the stock. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. dropped their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a research report on Thursday, February 6th. They issued a “hold” rating for the company. Finally, UBS Group increased their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $526.25.

Ferrari Stock Performance

NYSE:RACE opened at $498.99 on Thursday. 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 company has a market cap of $120.94 billion, a P/E ratio of 54.53, a P/E/G ratio of 4.43 and a beta of 1.13. Ferrari has a fifty-two week low of $391.54 and a fifty-two week high of $509.13. The firm’s 50 day moving average is $447.01 and its two-hundred day moving average is $447.04.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. Ferrari’s revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.95 earnings per share. Analysts expect that Ferrari will post 9.22 EPS for the current year.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were issued a dividend of $3.1265 per share. This represents a yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. The ex-dividend date was Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.45%.

Institutional Investors Weigh In On Ferrari

A number of large investors have recently added to or reduced their stakes in RACE. Sound View Wealth Advisors Group LLC boosted its stake in Ferrari by 1.0% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 2,198 shares of the company’s stock valued at $940,000 after acquiring an additional 21 shares during the last quarter. HBK Sorce Advisory LLC boosted its stake in Ferrari by 3.6% during the 4th quarter. HBK Sorce Advisory LLC now owns 626 shares of the company’s stock valued at $266,000 after acquiring an additional 22 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in Ferrari by 4.4% during the 4th quarter. Citizens Financial Group Inc. RI now owns 591 shares of the company’s stock valued at $251,000 after acquiring an additional 25 shares during the last quarter. Garde Capital Inc. boosted its stake in Ferrari by 5.0% during the 4th quarter. Garde Capital Inc. now owns 525 shares of the company’s stock valued at $223,000 after acquiring an additional 25 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its stake in Ferrari by 3.9% during the 1st quarter. Rehmann Capital Advisory Group now owns 697 shares of the company’s stock valued at $299,000 after acquiring an additional 26 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.