Ferrari (NYSE:RACE) Upgraded by StockNews.com to “Buy” Rating

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

A number of other equities research analysts have also weighed in on RACE. Barclays lowered shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Trading Up 2.0 %

RACE opened at $450.27 on Wednesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13. The firm has a market capitalization of $109.13 billion, a PE ratio of 49.21, a P/E/G ratio of 4.43 and a beta of 0.94. The company’s 50-day moving average is $453.26 and its 200 day moving average is $456.12.

Ferrari Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Sapient Capital LLC grew its position in shares of Ferrari by 1.0% during the 4th quarter. Sapient Capital LLC now owns 67,322 shares of the company’s stock valued at $28,737,000 after acquiring an additional 653 shares during the period. Cerity Partners LLC grew its position in shares of Ferrari by 14.0% during the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after acquiring an additional 3,308 shares during the period. Allworth Financial LP grew its position in shares of Ferrari by 35.1% during the 4th quarter. Allworth Financial LP now owns 327 shares of the company’s stock valued at $141,000 after acquiring an additional 85 shares during the period. Bank of New York Mellon Corp grew its position in shares of Ferrari by 2.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,612,108 shares of the company’s stock valued at $684,888,000 after acquiring an additional 38,356 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ferrari by 156.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,400 shares of the company’s stock valued at $2,731,000 after acquiring an additional 3,900 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.