Ferrari (NYSE:RACE) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Ferrari (NYSE:RACE) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

Several other equities analysts have also weighed in on RACE. UBS Group increased their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Four equities research 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 an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

Shares of NYSE RACE opened at $446.57 on Tuesday. The stock has a fifty day simple moving average of $451.82 and a two-hundred day simple moving average of $457.04. Ferrari has a 1-year low of $399.27 and a 1-year high of $509.13. The firm has a market cap of $108.24 billion, a price-to-earnings ratio of 48.81, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95. 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 Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders 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. The ex-dividend date of this dividend is Wednesday, April 23rd. This represents a yield of 0.5%. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Institutional Investors Weigh In On Ferrari

Large investors have recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new position in shares of Ferrari in the fourth quarter worth about $26,000. Planning Capital Management Corp bought a new stake in Ferrari during the 3rd quarter valued at approximately $30,000. Park Square Financial Group LLC purchased a new position in shares of Ferrari during the fourth quarter valued at approximately $32,000. Ashton Thomas Securities LLC purchased a new position in shares of Ferrari during the third quarter valued at approximately $33,000. Finally, Armstrong Advisory Group Inc. lifted its holdings in shares of Ferrari by 100.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock valued at $42,000 after purchasing an additional 50 shares during the last quarter.

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.