Ferrari (NYSE:RACE) Price Target Lowered to $520.00 at UBS Group

Ferrari (NYSE:RACE) had its price objective reduced by UBS Group from $584.00 to $520.00 in a research note released on Tuesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

Several other research firms have also commented on RACE. Kepler Capital Markets upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. decreased their target price on Ferrari from $525.00 to $460.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research report on Thursday, February 6th. They set a “hold” rating on the stock. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $498.86.

Ferrari Stock Performance

Shares of RACE stock opened at $430.75 on Tuesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm has a market cap of $104.40 billion, a P/E ratio of 47.08, a P/E/G ratio of 4.43 and a beta of 0.94. The firm’s 50 day moving average price is $455.66 and its 200-day moving average price is $451.63. Ferrari has a one year low of $399.27 and a one year high of $509.13.

Ferrari Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a $3.1265 dividend. This is a boost 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 5.63%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RACE. Vanguard Group Inc. raised its holdings in shares of Ferrari by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 4,693,201 shares of the company’s stock valued at $2,002,581,000 after purchasing an additional 45,754 shares in the last quarter. Bank of Italy raised its stake in Ferrari by 2.8% in the fourth quarter. Bank of Italy now owns 2,339,620 shares of the company’s stock valued at $1,002,392,000 after buying an additional 63,675 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company’s stock worth $763,125,000 after buying an additional 594,547 shares during the last quarter. Norges Bank acquired a new position in shares of Ferrari during the 4th quarter worth about $697,226,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Ferrari by 2.4% in 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 last quarter.

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.