Analysts Set Ferrari (NYSE:RACE) Price Target at $507.14

Shares of Ferrari (NYSE:RACE) have earned an average recommendation of “Moderate Buy” from the nine brokerages that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $507.14.

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Ferrari in a report on Thursday, February 6th. They issued a “hold” rating on the stock.

Ferrari Stock Down 0.2 %

Shares of Ferrari stock opened at $463.86 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a 52-week low of $399.27 and a 52-week high of $509.13. The stock has a market capitalization of $112.43 billion, a price-to-earnings ratio of 50.70, a P/E/G ratio of 4.43 and a beta of 0.95. The company’s 50 day moving average price is $450.52 and its 200-day moving average price is $457.10.

Ferrari Increases Dividend

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

Hedge Funds Weigh In On Ferrari

Several large investors have recently modified their holdings of RACE. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ferrari by 29.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,500 shares of the company’s stock worth $1,179,000 after purchasing an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ferrari by 11.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,345 shares of the company’s stock valued at $1,102,000 after purchasing an additional 241 shares during the period. First Trust Direct Indexing L.P. grew its stake in shares of Ferrari by 8.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 3,656 shares of the company’s stock valued at $1,719,000 after purchasing an additional 284 shares during the period. Financial Advocates Investment Management grew its stake in shares of Ferrari by 2.9% during the 3rd quarter. Financial Advocates Investment Management now owns 2,889 shares of the company’s stock valued at $1,355,000 after acquiring an additional 81 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari during the 3rd quarter valued at approximately $29,000.

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.