Ferrari (NYSE:RACE) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research note released on Thursday.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut their price objective on Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 28th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, March 28th. UBS Group boosted their price objective on Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $526.25.

Ferrari Stock Performance

RACE stock opened at $495.07 on Thursday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average price is $445.89 and its two-hundred day moving average price is $447.18. Ferrari has a 1-year low of $391.54 and a 1-year high of $509.13. The firm has a market cap of $119.99 billion, a PE ratio of 54.11, a P/E/G ratio of 4.43 and a beta of 1.13.

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

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in 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 in the last quarter. Bank of Italy grew its holdings in shares of Ferrari by 2.9% in the first quarter. Bank of Italy now owns 2,407,271 shares of the company’s stock valued at $1,021,078,000 after acquiring an additional 67,651 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company’s stock worth $974,332,000 after purchasing an additional 781,587 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Ferrari by 1.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,822,147 shares of the company’s stock valued at $779,661,000 after acquiring an additional 25,883 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Ferrari by 8.1% in the first 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 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.