Ferrari (NYSE:RACE) Downgraded by StockNews.com

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

Several other research analysts also recently commented on the company. Barclays downgraded Ferrari from an overweight rating to an equal weight rating in a report on Thursday, April 4th. Bank of America lifted their price objective on shares of Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Citigroup lowered shares of Ferrari from a neutral rating to a sell rating in a research report on Monday, March 4th. Sanford C. Bernstein increased their price objective on Ferrari from $448.00 to $512.00 and gave the company an outperform rating in a research report on Thursday, April 18th. Finally, Morgan Stanley reissued an overweight rating and issued a $400.00 price target on shares of Ferrari in a report on Monday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $413.86.

Ferrari Trading Down 1.0 %

Shares of RACE opened at $420.33 on Wednesday. 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 firm’s 50 day moving average price is $419.13 and its two-hundred day moving average price is $369.92. Ferrari has a twelve month low of $273.39 and a twelve month high of $442.80.

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

Ferrari Dividend Announcement

The company also recently declared 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 is Monday, April 22nd.

Hedge Funds Weigh In On Ferrari

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after purchasing an additional 46,938 shares during the period. Norges Bank acquired a new position in Ferrari during the fourth quarter worth about $572,523,000. Bank of New York Mellon Corp boosted its position in Ferrari by 0.3% during the third quarter. Bank of New York Mellon Corp now owns 1,635,501 shares of the company’s stock worth $483,356,000 after purchasing an additional 5,310 shares in the last quarter. Capital Research Global Investors lifted its holdings in Ferrari by 0.6% in the 4th quarter. Capital Research Global Investors now owns 1,280,347 shares of the company’s stock valued at $431,876,000 after purchasing an additional 7,451 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Ferrari by 8,986.8% in the third quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after buying an additional 993,044 shares during the period.

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.