Ferrari (RACE) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Ferrari (NYSE:RACE) from an equal weight rating to an overweight rating in a research report report published on Thursday, BenzingaRatingsTable reports. The brokerage currently has $160.00 price target on the stock, up from their prior price target of $140.00.

A number of other analysts have also recently weighed in on the stock. Credit Suisse Group dropped their target price on shares of Ferrari from $160.00 to $140.00 and set an outperform rating on the stock in a report on Monday, January 28th. Sanford C. Bernstein raised shares of Ferrari from an underperform rating to a market perform rating and set a $112.29 target price on the stock in a report on Tuesday, January 15th. HSBC cut shares of Ferrari from a buy rating to a hold rating in a report on Friday, April 26th. ValuEngine cut shares of Ferrari from a buy rating to a hold rating in a report on Thursday, February 14th. Finally, Zacks Investment Research lowered shares of Ferrari from a hold rating to a sell rating in a research report on Tuesday, January 15th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Ferrari currently has an average rating of Hold and an average price target of $141.26.

Shares of NYSE:RACE traded up $0.17 on Thursday, reaching $141.33. 1,194,510 shares of the company’s stock were exchanged, compared to its average volume of 486,722. The stock has a market capitalization of $26.67 billion, a price-to-earnings ratio of 35.16, a price-to-earnings-growth ratio of 1.79 and a beta of 1.53. Ferrari has a fifty-two week low of $93.85 and a fifty-two week high of $149.85. The company has a debt-to-equity ratio of 1.39, a quick ratio of 3.15 and a current ratio of 4.27.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, May 7th. The company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.06. The company had revenue of $940.00 million for the quarter, compared to analysts’ expectations of $868.32 million. Ferrari had a net margin of 23.17% and a return on equity of 53.74%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. Sell-side analysts expect that Ferrari will post 4.02 EPS for the current fiscal year.

The company also recently declared an annual dividend, which was paid on Thursday, May 2nd. Stockholders of record on Wednesday, April 24th were given a dividend of $1.1677 per share. The ex-dividend date of this dividend was Tuesday, April 23rd. This represents a dividend yield of 0.91%. This is a positive change from Ferrari’s previous annual dividend of $0.88.

Institutional investors have recently added to or reduced their stakes in the company. SkyTop Capital Management LLC grew its position in shares of Ferrari by 5.3% during the fourth quarter. SkyTop Capital Management LLC now owns 10,000 shares of the company’s stock worth $994,000 after acquiring an additional 500 shares during the last quarter. Virtu Financial LLC grew its position in shares of Ferrari by 151.0% during the first quarter. Virtu Financial LLC now owns 5,353 shares of the company’s stock worth $716,000 after acquiring an additional 3,220 shares during the last quarter. Henry James International Management Inc. grew its position in shares of Ferrari by 51.4% during the first quarter. Henry James International Management Inc. now owns 53,963 shares of the company’s stock worth $7,220,000 after acquiring an additional 18,330 shares during the last quarter. Cerebellum GP LLC bought a new position in shares of Ferrari during the fourth quarter worth about $260,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Ferrari by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 22,553 shares of the company’s stock worth $3,088,000 after acquiring an additional 624 shares during the last quarter. Institutional investors and hedge funds own 34.96% of the company’s stock.

Ferrari Company Profile

Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.

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Analyst Recommendations for Ferrari (NYSE:RACE)

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