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.
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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