Ferrari (NYSE:RACE) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Ferrari (NYSE:RACE) have earned an average recommendation of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $497.86.

Several brokerages have issued reports on RACE. 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. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Kepler Capital Markets raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Hanson & Doremus Investment Management bought a new stake in Ferrari in the fourth quarter valued at about $26,000. Park Square Financial Group LLC acquired a new stake in shares of Ferrari in the 4th quarter valued at approximately $32,000. Armstrong Advisory Group Inc. boosted its stake in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the last quarter. Kestra Investment Management LLC bought a new position in Ferrari during the 4th quarter worth approximately $45,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ferrari during the third quarter valued at approximately $47,000.

Ferrari Stock Performance

NYSE:RACE opened at $429.93 on Monday. The stock has a market capitalization of $104.21 billion, a P/E ratio of 46.99, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 1 year low of $399.27 and a 1 year high of $509.13. The firm has a 50 day moving average of $456.00 and a 200-day moving average of $452.20.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a yield of 0.5%. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is currently 5.63%.

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.