Ferrari (NYSE:RACE) Cut to “Hold” at StockNews.com

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

A number of other research firms also recently weighed in on RACE. Sanford C. Bernstein raised their price target on shares of Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a report on Thursday, April 18th. Morgan Stanley restated an overweight rating and set a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. UBS Group upped their price target on Ferrari from $413.00 to $448.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Citigroup downgraded Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. Finally, Barclays cut shares of Ferrari from an overweight rating to an equal weight rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Ferrari has an average rating of Hold and an average target price of $413.86.

Ferrari Stock Performance

RACE opened at $422.46 on Wednesday. The stock has a fifty day moving average price of $420.26 and a 200 day moving average price of $371.52. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. Ferrari has a 1 year low of $273.39 and a 1 year high of $442.80.

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

Ferrari Announces Dividend

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

Institutional Investors Weigh In On Ferrari

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Ferrari by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after buying an additional 61,132 shares during the period. B. Riley Wealth Advisors Inc. grew its holdings in shares of Ferrari by 12.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock worth $632,000 after purchasing an additional 230 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Ferrari by 1.0% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after buying an additional 40 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of Ferrari in the third quarter valued at about $157,620,000. Finally, Syntal Capital Partners LLC acquired a new position in Ferrari during the 3rd quarter worth about $511,000.

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.