Ferrari (NYSE:RACE) Lifted to Buy at StockNews.com

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

Several other equities analysts have also issued reports on the company. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Citigroup lowered Ferrari from a neutral rating to a sell rating in a research note on Monday, March 4th. Evercore ISI increased their target price on Ferrari from $430.00 to $465.00 and gave the stock an outperform rating in a research note on Monday, April 22nd. Barclays lowered Ferrari from an overweight rating to an equal weight rating in a research note on Thursday, April 4th. Finally, Jefferies Financial Group initiated coverage on Ferrari in a research report on Friday, May 10th. They issued a hold rating and a $403.00 price target on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $456.67.

Ferrari Stock Performance

NYSE RACE opened at $413.67 on Tuesday. The stock has a fifty day simple moving average of $420.33 and a 200-day simple moving average of $385.43. Ferrari has a twelve month low of $283.20 and a twelve month high of $442.80. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. The stock has a market cap of $76.43 billion, a PE ratio of 52.83, a P/E/G ratio of 5.07 and a beta of 0.98.

Ferrari Announces Dividend

The firm also recently announced an annual dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were given a dividend of $2.443 per share. This represents a dividend yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd. Ferrari’s dividend payout ratio (DPR) is presently 6.58%.

Institutional Investors Weigh In On Ferrari

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jamison Private Wealth Management Inc. acquired a new stake in shares of Ferrari during the 4th quarter worth about $27,000. IAG Wealth Partners LLC acquired a new stake in shares of Ferrari during the 1st quarter worth about $33,000. Register Financial Advisors LLC acquired a new stake in shares of Ferrari during the 1st quarter worth about $33,000. Householder Group Estate & Retirement Specialist LLC raised its position in shares of Ferrari by 320.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after acquiring an additional 80 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Ferrari by 37.0% during the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 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.