Ferrari (NYSE:RACE) PT Raised to $512.00

Ferrari (NYSE:RACE) had its target price increased by Sanford C. Bernstein from $448.00 to $512.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

RACE has been the subject of a number of other reports. Citigroup lowered shares of Ferrari from a neutral rating to a sell rating in a report on Monday, March 4th. Bank of America lifted their price target on shares of Ferrari from $458.00 to $512.00 and gave the company a buy rating in a report on Wednesday, April 10th. StockNews.com upgraded Ferrari from a hold rating to a buy rating in a research report on Friday, March 22nd. Barclays downgraded Ferrari from an overweight rating to an equal weight rating in a research report on Thursday, April 4th. Finally, UBS Group raised their price target on Ferrari from $413.00 to $448.00 and gave the company a buy rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $393.86.

Ferrari Trading Down 0.8 %

Shares of Ferrari stock opened at $412.52 on Thursday. Ferrari has a fifty-two week low of $272.70 and a fifty-two week high of $442.80. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81. The company has a fifty day moving average of $416.64 and a 200 day moving average of $366.18.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, February 1st. The company reported $1.74 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 for the quarter, compared to the consensus estimate of $1.61 billion. On average, equities analysts forecast that Ferrari will post 8.31 earnings per share for the current fiscal year.

Ferrari Announces Dividend

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

Institutional Trading of Ferrari

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Ferrari during the fourth quarter valued at $572,523,000. Legal & General Group Plc grew its holdings in Ferrari by 8,986.8% during the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after purchasing an additional 993,044 shares during the last quarter. Bank of America Corp DE raised its position in Ferrari by 139.6% in the 1st quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock worth $254,563,000 after purchasing an additional 547,356 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in Ferrari in the third quarter worth about $157,620,000. Finally, Nuveen Asset Management LLC bought a new position in shares of Ferrari during the fourth quarter valued at approximately $176,281,000.

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.