Ferrari (NYSE:RACE) Price Target Raised to $560.00

Ferrari (NYSE:RACE) had its price target increased by UBS Group from $520.00 to $560.00 in a report released on Wednesday, MarketBeat.com reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. JPMorgan Chase & Co. reduced their price target 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. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. Kepler Capital Markets raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $501.60.

Ferrari Stock Up 1.6 %

Shares of NYSE:RACE opened at $488.26 on Wednesday. Ferrari has a fifty-two week low of $391.54 and a fifty-two week high of $509.13. 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’s 50-day simple moving average is $442.38 and its 200-day simple moving average is $447.02. The company has a market cap of $118.34 billion, a price-to-earnings ratio of 53.36, a PEG ratio of 4.43 and a beta of 1.13.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a return on equity of 46.69% and a net margin of 22.81%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.95 EPS. As a group, equities research analysts predict that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd were paid a dividend of $3.1265 per share. The ex-dividend date of this dividend was Wednesday, April 23rd. This represents a dividend yield of 0.5%. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Deutsche Bank AG raised its position in shares of Ferrari by 8.4% in the first quarter. Deutsche Bank AG now owns 884,812 shares of the company’s stock valued at $378,593,000 after buying an additional 68,220 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Ferrari by 12.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 11,362 shares of the company’s stock valued at $4,862,000 after acquiring an additional 1,223 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Ferrari during the 1st quarter worth $16,852,000. Citizens Financial Group Inc. RI boosted its holdings in shares of Ferrari by 19.6% during the first quarter. Citizens Financial Group Inc. RI now owns 707 shares of the company’s stock worth $303,000 after purchasing an additional 116 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Ferrari by 8.1% in the first quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company’s stock valued at $2,165,683,000 after purchasing an additional 377,929 shares during the period.

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.