Evercore ISI Raises Ferrari (NYSE:RACE) Price Target to $465.00

Ferrari (NYSE:RACE) had its target price hoisted by Evercore ISI from $430.00 to $465.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other analysts also recently issued reports about the stock. StockNews.com upgraded shares of Ferrari from a hold rating to a buy rating in a research report on Friday, March 22nd. UBS Group lifted their price target on shares of Ferrari from $413.00 to $448.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Barclays cut shares of Ferrari from an overweight rating to an equal weight rating in a research report on Thursday, April 4th. Bank of America boosted their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a buy rating in a research report on Wednesday, April 10th. Finally, Citigroup lowered shares of Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $413.86.

Ferrari Trading Down 1.9 %

Shares of RACE stock opened at $412.19 on Monday. Ferrari has a 12-month low of $273.39 and a 12-month high of $442.80. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.98 and a current ratio of 3.91. The firm’s 50 day moving average is $419.59 and its 200 day moving average is $370.21.

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 the consensus estimate of $1.59 by $0.15. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Ferrari had a net margin of 21.06% and a return on equity of 43.84%. On average, equities analysts expect that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Announces Dividend

The business also recently announced an annual dividend, which will be paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd will be given a $2.443 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a dividend yield of 0.62%.

Hedge Funds Weigh In On Ferrari

Hedge funds and other institutional investors have recently modified their holdings of the business. Jamison Private Wealth Management Inc. purchased a new position in Ferrari during the fourth quarter worth about $27,000. IAG Wealth Partners LLC purchased a new position in Ferrari during the first quarter worth about $33,000. Register Financial Advisors LLC purchased a new position in Ferrari during the first quarter worth about $33,000. Householder Group Estate & Retirement Specialist LLC raised its stake in Ferrari by 320.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 105 shares of the company’s stock worth $35,000 after purchasing an additional 80 shares during the period. Finally, Blue Trust Inc. raised its stake in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the period.

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.