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 note published on Thursday morning.

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

Ferrari Stock Down 0.1%

RACE opened at $495.07 on Thursday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12 month low of $391.54 and a 12 month high of $509.13. The business’s 50-day moving average price is $445.89 and its 200-day moving average price is $447.18. The company has a market cap of $119.99 billion, a P/E ratio of 54.11, a P/E/G ratio of 4.43 and a beta of 1.13.

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

Ferrari Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were given 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 was Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.45%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in Ferrari by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,139 shares of the company’s stock worth $4,307,000 after acquiring an additional 755 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Ferrari in the 4th quarter valued at approximately $853,000. Russell Investments Group Ltd. increased its stake in Ferrari by 2.6% in the 4th quarter. Russell Investments Group Ltd. now owns 128,482 shares of the company’s stock valued at $54,847,000 after buying an additional 3,277 shares during the period. Sapient Capital LLC raised its holdings in Ferrari by 1.0% during the fourth quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock worth $28,737,000 after purchasing an additional 653 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. purchased a new stake in shares of Ferrari in the fourth quarter valued at approximately $3,371,000.

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.