Ferrari (NYSE:RACE) Upgraded by StockNews.com to “Buy”

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

A number of other equities analysts have also recently issued reports on RACE. Bank of America increased their price target on Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Barclays downgraded shares of Ferrari from an overweight rating to an equal weight rating in a research note on Thursday, April 4th. UBS Group raised their target price on Ferrari from $413.00 to $448.00 and gave the company a buy rating in a research note on Friday, February 2nd. Citigroup downgraded Ferrari from a neutral rating to a sell rating in a research note on Monday, March 4th. Finally, Sanford C. Bernstein raised their price objective on Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $413.86.

Ferrari Stock Up 1.3 %

Shares of RACE stock opened at $430.16 on Thursday. The business’s 50 day simple moving average is $421.97 and its 200 day simple moving average is $374.14. The company has a current ratio of 3.91, a quick ratio of 2.98 and a debt-to-equity ratio of 0.81. Ferrari has a one year low of $283.20 and a one year high of $442.80.

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

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 issued a $2.443 dividend. This represents a dividend yield of 0.62%. The ex-dividend date was Monday, April 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its stake 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 purchasing an additional 30 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Ferrari by 0.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock valued at $1,865,000 after buying an additional 30 shares during the period. Lorne Steinberg Wealth Management Inc. lifted its position in shares of Ferrari by 0.3% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock valued at $4,164,000 after buying an additional 30 shares during the last quarter. Merlin Capital Inc grew its stake in shares of Ferrari by 1.3% during the 3rd quarter. Merlin Capital Inc now owns 2,496 shares of the company’s stock worth $738,000 after acquiring an additional 32 shares during the period. Finally, Hexagon Capital Partners LLC increased its holdings in Ferrari by 16.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 239 shares of the company’s stock worth $104,000 after acquiring an additional 33 shares during 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.