Ferrari (NYSE:RACE) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Ferrari (NYSE:RACE) have been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $526.25.

A number of research firms recently commented on RACE. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, March 28th. JPMorgan Chase & Co. dropped their price objective on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. UBS Group upped their price objective on shares of Ferrari from $520.00 to $560.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock.

Hedge Funds Weigh In On Ferrari

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Ferrari by 8.1% in the 1st 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. Bank of Italy lifted its stake in shares of Ferrari by 2.9% in the 1st quarter. Bank of Italy now owns 2,407,271 shares of the company’s stock valued at $1,021,078,000 after purchasing an additional 67,651 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Ferrari by 52.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company’s stock valued at $974,332,000 after purchasing an additional 781,587 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Ferrari by 1.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,822,147 shares of the company’s stock valued at $779,661,000 after purchasing an additional 25,883 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Ferrari by 8.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,767,337 shares of the company’s stock valued at $756,208,000 after purchasing an additional 131,945 shares during the period.

Ferrari Stock Down 0.3%

RACE stock opened at $497.03 on Tuesday. The firm has a 50 day moving average of $447.95 and a 200 day moving average of $446.98. The stock has a market capitalization of $120.47 billion, a PE ratio of 54.32, a price-to-earnings-growth ratio of 4.43 and a beta of 1.13. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 52 week low of $391.54 and a 52 week 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, topping analysts’ consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. Ferrari’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the business earned $1.95 EPS. Sell-side analysts forecast that Ferrari will post 9.22 earnings per share for the current year.

Ferrari Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd were issued a $3.1265 dividend. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 23rd. Ferrari’s dividend payout ratio is 5.45%.

Ferrari Company Profile

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.