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

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

Several other brokerages also recently commented on RACE. UBS Group increased their target price on shares of Ferrari from $413.00 to $448.00 and gave the company a buy rating in a report on Friday, February 2nd. Bank of America upped their target price on Ferrari from $458.00 to $512.00 and gave the company a buy rating in a report on Wednesday, April 10th. Sanford C. Bernstein lifted their price target on Ferrari from $448.00 to $512.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Barclays downgraded Ferrari from an overweight rating to an equal weight rating in a research note on Thursday, April 4th. Finally, Evercore ISI lifted their target price on Ferrari from $430.00 to $465.00 and gave the stock an outperform rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $413.86.

Ferrari Stock Performance

Shares of RACE stock opened at $420.33 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. The firm has a fifty day simple moving average of $419.13 and a two-hundred day simple moving average of $369.92. Ferrari has a 12 month low of $273.39 and a 12 month high of $442.80.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, February 1st. The company reported $1.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Analysts expect that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Announces Dividend

The firm also recently declared an annual dividend, which will be paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd will be given a dividend of $2.443 per share. This represents a yield of 0.62%. The ex-dividend date is Monday, April 22nd.

Hedge Funds Weigh In On Ferrari

Large investors have recently bought and sold shares of the stock. IAG Wealth Partners LLC bought a new position in shares of Ferrari in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC purchased a new position in Ferrari during the first quarter valued at $33,000. Jamison Private Wealth Management Inc. purchased a new position in Ferrari during the fourth quarter valued at approximately $27,000. Householder Group Estate & Retirement Specialist LLC boosted its holdings in Ferrari by 320.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after buying an additional 80 shares during the period. Finally, Spire Wealth Management bought a new position in shares of Ferrari in the first quarter worth about $46,000.

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.