Ferrari (NYSE:RACE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Ferrari (NYSE:RACE) have received an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $507.14.

RACE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating for the company. Barclays lowered Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, UBS Group upped 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.

Ferrari Stock Performance

RACE stock opened at $458.40 on Thursday. The company has a 50-day simple moving average of $451.53 and a 200 day simple moving average of $457.11. The company has a market capitalization of $111.10 billion, a P/E ratio of 50.10, a PEG ratio of 4.43 and a beta of 0.95. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a fifty-two week low of $399.27 and a fifty-two week high of $509.13.

Ferrari Increases Dividend

The business also recently disclosed 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 of this dividend is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s payout ratio is presently 5.63%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hanson & Doremus Investment Management acquired a new position in Ferrari in the 4th quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Ferrari in the third quarter valued at $29,000. Planning Capital Management Corp acquired a new stake in shares of Ferrari in the third quarter worth $30,000. Park Square Financial Group LLC purchased a new position in shares of Ferrari during the fourth quarter valued at $32,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Ferrari during the third quarter valued at $33,000.

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.