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

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

Other equities research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. reduced their price target on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. UBS Group cut their price objective on Ferrari from $584.00 to $520.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Finally, Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $501.60.

Ferrari Stock Performance

Shares of Ferrari stock opened at $488.26 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market cap of $118.34 billion, a price-to-earnings ratio of 53.36, a price-to-earnings-growth ratio of 4.43 and a beta of 1.13. The stock’s 50-day moving average is $442.38 and its 200-day moving average is $447.02. Ferrari has a one year low of $391.54 and a one year high of $509.13.

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

Ferrari Increases Dividend

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

Institutional Investors Weigh In On Ferrari

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