StockNews.com Downgrades Ferrari (NYSE:RACE) to Hold

StockNews.com cut shares of Ferrari (NYSE:RACE - Free Report) from a buy rating to a hold rating in a report issued on Thursday morning.

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

Ferrari Trading Up 0.8%

Shares of Ferrari stock traded up $4.20 during trading hours on Thursday, hitting $498.99. The company's stock had a trading volume of 184,101 shares, compared to its average volume of 330,721. Ferrari has a twelve month low of $391.54 and a twelve month high of $509.13. The firm has a fifty day moving average of $447.01 and a 200-day moving average of $447.04. The stock has a market cap of $120.94 billion, a price-to-earnings ratio of 54.53, a P/E/G ratio of 4.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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

Ferrari Increases Dividend

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

Institutional Investors Weigh In On Ferrari

Several large investors have recently bought and sold shares of the stock. Woodline Partners LP purchased a new stake in Ferrari during the 1st quarter worth about $1,519,000. Ascent Group LLC purchased a new stake in Ferrari during the 1st quarter worth about $233,000. United Services Automobile Association purchased a new stake in Ferrari during the 1st quarter worth about $1,776,000. Fred Alger Management LLC purchased a new stake in Ferrari during the 1st quarter worth about $604,000. Finally, Dynamic Technology Lab Private Ltd increased its holdings in Ferrari by 75.1% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 3,580 shares of the company's stock worth $1,532,000 after purchasing an additional 1,535 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.